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Northrop Grumman hikes forecast

(Bloomberg) Northrop Grumman Corp., the maker of Global Hawk drones, topped analysts’ profit estimates in the second quarter and boosted its full-year forecast. Net income rose 4.7 percent to $511 million, or $2.37 a share, in the quarter, from $488 million, or $2.05, a year earlier, the company said Wednesday. The average estimate of 20 analysts surveyed by Bloomberg was $2.22 a share. Northrop, the fifth-largest U.S. government contractor, raised its full-year per-share profit forecast to a range of $9.15 to $9.35 from $8.90 to $9.15 in April. It also affirmed its January sales estimate for the year of $23.5 billion to $23.8 billion. The company’s outlook assumes no disruption to any of its major programs and adequate government funding in the final three months of the year. Sales declined 4.1 percent to $6.04 billion in the quarter. That beat the $5.96 billion average estimate of 17 analysts surveyed by Bloomberg.

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