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Northrop Grumman Q1 profit falls YOY

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Northrop Grumman Q1 profit falls YOY

Northrop Grumman Corp. said its first-quarter normalized net income was $2.19 per share, compared with the S&P Capital IQ consensus estimate of $2.27 per share.

EPS declined year over year from $2.23.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $440.0 million, a decline of 10.4% from $491.3 million in the year-earlier period.

The normalized profit margin declined to 7.4% from 8.4% in the year-earlier period.

Total revenue rose on an annual basis to $5.96 billion from $5.85 billion, and total operating expenses rose from the prior-year period to $5.18 billion from $5.00 billion.

Reported net income decreased 16.6% on an annual basis to $483.2 million, or $2.41 per share, from $579.7 million, or $2.63 per share.