Northrop Grumman Corporation (NYSE:NOC) shares are trading lower Tuesday after the company reported second-quarter financial results.
- Northrop Grumman shares are retreating from recent levels. Why is NOC stock falling?
Beats Q2 Estimates, Backlog Hits Record $104.7B
Northrop reported GAAP earnings per share of $7.68, beating the consensus estimate of $6.82. In addition, it reported revenue of $10.87 billion, beating the consensus estimate of $10.80 billion.
Net awards of $20 billion pushed the company’s backlog to a new record of $104.7 billion. Significant new awards included $7.6 billion for Sentinel, $4.3 billion for restricted programs, $1.0 billion for F-35, $0.8 billion for Glide Phase Interceptor, and $0.7 billion for Multi-role Electronically Scanned Array.
“Northrop Grumman achieved a new record backlog, driven by robust global demand for our products,” said Kathy Warden, Chair, CEO and President.
Lifts FY EPS, Revenue Guidance
Northrop raised its fiscal-year adjusted earnings per share guidance from between $27.40 and $27.90 to between $28.60 and $29.10, versus the consensus estimate of $27.97. It also raised its fiscal-year revenue guidance from between $43.50 billion and $44.00 billion to between $43.75 billion and $44.25 billion, versus the consensus estimate of $43.98 billion.
Northrop Shares Edge Lower
NOC Price Action: At the time of publication, Northrop shares are trading 4.34% lower at $501.21, according to data from Benzinga Pro.
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