Please ensure Javascript is enabled for purposes of website accessibility

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.