Northrop Grumman Q4 Results Top Estimates; Initiates FY23 Outlook
(RTTNews) - While reporting financial results for the fourth quarter on Thursday, Northrop Grumman Corp. (NOC) initiated its adjusted earnings and sales guidance for the full year 2023.
For fiscal 2023, the company now projects transaction-adjusted earnings in a range of $21.85 to $22.45 per share on sales between $38.00 billion and $38.40 billion.
On average, 22 analysts polled by Thomson Reuters expect the company to report earnings of $22.30 per share on revenues of $37.86 billion for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, the company reported net earnings of $2.08 billion or $13.46 per share, sharply higher than $2.71 billion or $17.14 per share in the prior-year quarter.
Excluding items, transaction-adjusted net earnings per share were $7.50, compared to last year's $6.00.
Total sales for the quarter grew 16 percent to $10.03 billion from $8.64 billion in the same quarter last year, due to higher sales volume at all four sectors.
The Street was looking for earnings of $6.57 per share on revenues of $9.66 billion for the quarter.
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