NOC Northrop Grumman Corp Holding Co

   By Kimberly Chin 
 

Northrop Grumman Corp.'s (NOC) bottom line fell 47% in the fourth quarter as the company took a $495 million charge due to changes in its accounting of its pension and retirement plans.

The aerospace and defense company reported a profit of $356 million, or $2.06 a share, compared with $672 million, or $3.83 a share, a year earlier. Analysts polled by Refinitiv were expecting earnings of $4.29 a share.

Adjusted per-share earnings were $4.93 a share. Analysts were expecting $4.32 a share.

Sales rose 24%, to $8.16 billion. Analysts expected $8.12 billion.

As of Dec. 31, the company adopted the mark-to-market method of accounting for its pension and postretirement plans and had changed results in prior periods to reflect the change.

Northrop Grumman said it expected 2019 adjusted earnings to be between $18.50 and $19 a share, reflecting the mark-to-market accounting measures,. Analysts were expecting adjusted earnings of $19.49 a share. The company said it expects sales of about $34 billion.

As of Jan. 4, the Falls Church, Va., company has completed a $1 billion accelerated share buyback program, bringing the global defense and security company's current completed authorization to about $4.1 billion.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

January 31, 2019 07:10 ET (12:10 GMT)

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