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Northrop posts rise in profit on strong demand in space unit; raises forecast -Breaking

by Mike Robinson

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© Reuters.

(Reuters) – Northrop Grumman Corp (NYSE: ) reported a 8% increase in its quarterly profit on Thursday, driven by demand for its space-growing unit. This led to the U.S. defense contractor raising its adjusted profit forecast for full year.

Northrop now anticipates full year adjusted earnings per share between $25.20-25.60. That’s an improvement on its previous range of $24.40-24.80.

The company raised concerns about labor and supply chain issues as a result of the COVID-19 pandemic.

Companies around the world have been hit hard by the pandemic, which has reduced their ability to ship or receive parts and caused shortages.

Falls Church-based space company, which manufactures satellites and other missile systems, saw a 22% increase in revenue to $2.68 million for its third quarter.

From $986 million or $5.89 per Share a year ago, net earnings increased to $1.06 Billion, or $6.63 Per Share, during the period ending Sept. 30.

Sales fell by 4% to $8.72 Billion.

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