Defense contractor Northrop Grumman Corporation (NOC) on Wednesday said its first quarter earnings fell 4.5% from last year, but results still easily beat analysts’ expectations.

The Falls Church, VA-based company reported first quarter net income of $506 million, or $1.96 per share, compared with $530 million, or $1.79 per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.88 per share.

Revenue fell 8% from last year to $6.2 billion.

On average, Wall Street analysts expected a much smaller profit of $1.59 per share, albeit on slightly higher revenue of $6.26 billion.

Northrop Grumman shares rose $1.50, or +2.4%, in morning trading Wednesday.

The Bottom Line
Shares of Northrop Grumman (NOC) have a 3.19% dividend yield, based on last night’s closing stock price of $62.73. The stock has technical support in the $55-$60 price area. If the shares can firm up, we see overhead resistance around the $65-$67 price levels.

Northrop Grumman Corporation (NOC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

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