NOC Northrop Grumman Corp Holding Co

By Dieter Holger

Northrop Grumman Corp.'s swung to a profit that beat Wall Street's expectations in the fourth quarter as it grew sales in its aeronautics and space businesses, but provided a downbeat outlook for the coming year.

The Falls Church, Va.-based weapons company said Thursday that profit was $330 million, or $1.97 a share, in the fourth quarter ended Dec. 31. A year ago, it booked a loss of $409 million or $2.43 a share.

Adjusted earnings were $6.59 a share. Analysts polled by FactSet forecast adjusted earnings of $5.76 a share.

Sales rose to $10.21 billion in the fourth quarter from $8.72 billion a year ago. Analysts expected sales of $9.27 billion.

The company's aeronautics division, its largest segment, booked a 24% year-over-year increase in sales in the quarter, rising to $3.5 billion from $2.8 billion. Sales from its space unit rose 31%, the biggest growth among its segments, to $2.6 billion from $1.95 billion.

For 2021, Northrop Grumman said adjusted earnings are expected to be between $23.15 to $23.65, which is below analysts' expectations of $24.17. Sales are expected to be $35.10 billion to $35.50 billion, versus forecasts of $37.44 billion.

Write to Dieter Holger at dieter.holger@wsj.com; @dieterholger

(END) Dow Jones Newswires

January 28, 2021 07:14 ET (12:14 GMT)

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