Northrop Wins $3.7 Billion Drone Contract

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Northrop Grumman Corp. defeated Boeing Corp. for another big-dollar defense contract, winning a $3.74 billion unmanned Navy spy-plane contract, the Department of Defense said Tuesday.


Northrop’s Global Hawk drone, which is already being flown by the Air Force in Iraq and Afghanistan, beat out offerings by Boeing and Lockheed Martin Corp.


Analysts have predicted that winning the contract should add 10 cents per share to the Los Angeles defense contractor’s earnings.


The Global Hawk has logged nearly 16,000 combat hours and can fly at more than 60,000 feet from more than a day and a half.


Last month, a consortium of Northrop and the European Aeronautic Defence and Space Company beat Boeing for a $40 billion contract to supply the Air Force with its next generation air tanker.


Shares in Northrop closed down 2.1 percent to $69.56 Tuesday.

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