Northrop Grumman (NOC) reported earnings on Thur 28 Oct 21 (b/o)

 

Northrop Grumman beats by $0.65, misses on revs; raises FY21 EPS above consensus, revs in-line

• Reports Q3 (Sep) earnings of $6.63 per share, excluding non-recurring items, $0.65 better than the S&P Capital IQ Consensus of $5.98; revenues fell 4.0% year/year to $8.72 bln vs the $8.94 bln S&P Capital IQ Consensus.
  • Third quarter and year to date 2021 net awards totaled $6.9 billion and $22.3 billion, respectively, and backlog totaled $74.8 billion.
• "While we did see some labor related and supply chain challenges stemming from the COVID-19 pandemic on our operations, we delivered solid organic growth, outstanding segment operating margins and strong transaction-adjusted free cash flow in the quarter. We are raising our full year earnings guidance and continue to expect strong organic sales growth."
• Co issues guidance for FY21, sees EPS of $25.20-25.60, excluding non-recurring items, vs. $24.95 S&P Capital IQ Consensus and prior guidance of $24.40-24.80; sees FY21 revs of ~$36.0 bln vs. $36.25 bln S&P Capital IQ Consensus and prior guidance of $35.8-36.2 bln.
  • Segment operating margin rate expected between 11.7-11.9% versus prior guidance of 11.6-11.8%.