Northrop Grumman Corp. reported Wednesday that its earnings beat Wall Street expectations, thanks to higher sales in its electronic systems and shipbuilding units.
The Los Angeles aerospace and defense contractor reported net income of $389 million ($1.17 per share), compared with $264 million (76 cents) a year ago. The prior-year quarter did include a $326 million charge.
Revenue rose almost 8 percent to $8.32 billion. Sales in the shipbuilding division rose 9 percent, and they rose by 8 percent in its information and services units, which sold more surveillance and reconnaissance programs.
Analysts surveyed by Thomson Reuters on average expected earnings of $1.08 per share on revenue of $7.98 billion.
The company raised its full year profit outlook to a range of $4.65 to $4.90, up from its previous guidance of $4.50 to $4.75.
“We’re pleased with our first-quarter financial results, and we’re confident that our products and capabilities continue to be extremely well aligned with current and emerging national security priorities,” Chief Executive Ronald D. Sugar said in a statement.
Northrop shares were up 56 cents, or 1 percent, to $48.42 in midday trading on the New York Stock Exchange.