Northrop Grumman Q2 Results Miss Estimates; Affirms FY22 Outlook
(RTTNews) - While reporting financial results for the second quarter on Thursday, Northrop Grumman Corp. (NOC) affirmed its adjusted earnings and sales guidance for the full year 2022 as the tight labor market that has impacted growth in the first half has begun to ease in the second half of the year.
For fiscal 2022, the company still projects transaction-adjusted earnings in the range of $24.50 to $25.10 per share on sales between $36.20 billion and $36.60 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $24.83 per share on revenues of $36.54 billion for the year. Analysts' estimates typically exclude special items.
For the second quarter, the company reported net earnings of $946 million or $6.06 per share, lower than $1.04 billion or $6.42 per share in the prior-year quarter,
Total sales for the quarter declined 4 percent to $8.80 billion from $9.15 billion in the same quarter last year.
The Street was looking for earnings of $6.10 per share on revenues of $9.07 billion for the quarter.
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