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Northrop Grumman Q2 profit falls YOY

Northrop Grumman Corp. said its normalized net income for the second quarter amounted to $2.37 per share, compared with the S&P Capital IQ consensus estimate of $2.36 per share.

EPS climbed 8.2% year over year from $2.20.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $460.0 million, a decline from $472.5 million in the prior-year period.

The normalized profit margin fell to 7.8% from 7.8% in the year-earlier period.

Total revenue fell on an annual basis to $5.90 billion from $6.04 billion, and total operating expenses declined from the prior-year period to $5.08 billion from $5.22 billion.

Reported net income rose from the prior-year period to $530.7 million, or $2.74 per share, from $510.0 million, or $2.37 per share.