Defense contractor Northrop Grumman Corporation (NYSE:NOC) continued its string of strong earnings performances this morning, reporting market-topping results and lifting its full-year forecast.
The Falls Church, VA-based company reported adjusted Q3 EPS of $2.92 easily beating Wall Street’s $2.81 estimate. Revenues rose 2.9% from last year to $6.16 billion, also exceeding analysts’ view for $6 billion.
Looking ahead, NOC raised its full-year earnings outlook. It now expects 2016 EPS of $11.55 to $11.75, up from $10.75-11.00 previously. On average, Wall Street analysts expect $11.05 per share for the year. Its new revenue forecast is $23.9 to $24.1 billion, up from $23.5 to $24 billion, and ahead of $23.78 expected by analysts.
NOC noted that year-to-date, it has returned $1.1 billion to shareholders via stock repurchases, and $482 million via dividend payouts.
The company commented via press release:
“Our third quarter results demonstrate that we continue to build a strong foundation for profitable
growth over the long term. Congratulations to our entire team for another solid quarter,” said Wes Bush,
chairman, chief executive officer and president.
Northrop Grumman shares rose $2.57 (+1.17%) to $222.10 in premarket trading Wednesday. Prior to today’s report, NOC had gained 16.27% year-to-date.