According to reports, Northrop Grumman Corp. reported first-quarter earnings from continuing operations of $263m, or 76 cents a share, including a pretax charge of $326m, or 61 cents a share, related to the cost growth and schedule extension in the company's LHD-8 amphibious assault ship program.
Revenue for the March quarter rose 6% to $7.72bfrom $7.31b a year earlier. Wall Street analysts were, on average, forecasting revenue of $7.7 billion.
The Los Angeles-based aerospace and defense company also cut its 2008 earnings guidance to between $4.90 and $5.15 a share from its prior view of $5.50 to $5.75 a share to reflect the impacts of the charge in shipbuilding.
Analysts, on average, estimate full-year earnings at Northrop of $5.04 a share.
Source: Thompson Financial