Northrop Grumman Corp. reaffirmed its annual guidance Wednesday and added that it is still in the running for as much as $15 billion in contracts from the government to support operations countering drug running and narco-terrorism.
The Los Angeles-based defense and government contractor said it expects to earn between $4.90 and $5.05 per share, a range it established back in July. The company also said it expects about $31 billion in revenue. Both forecasts are in line with Wall Street’s estimates.
Northrop said that its profit margins should rise over the long term as its ships division recovers from damage by Hurricane Katrina at its largest shipyard in the country, which is located on the Gulf Coast.
Separately, Northrop said it is one of five companies seeking as much as $15 billion in counter drug and narco-terrorism contracts issued by the Defense Department.
Shares in Northrop were up 23 cents to $78.42 in afternoon trading Wednesday on the New York Stock Exchange.
