UPDATE: Northrop Grumman Posts Higher Q3 Profit, Lifts Forecast

Northrop Grumman

reported an 8.3% rise in its third-quarter earnings. For the year, Northrop Grumman lifted its earnings forecast to $8 to $8.15 per share on sales of $24.4 billion. The company had earlier expected a profit of $7.60 to $7.80 per share on sales of $24.3 billion. Northrop Grumman's quarterly profit surged to $497 million, or $2.14 per share, from $459 million, or $1.82 per share, in the year-ago period. Excluding one–time items, its adjusted earnings from continuing operations came in at $1.97 per share. Its revenue declined 2.6% to $6.1 billion. However, analysts were projecting earnings of $1.82 per share on revenue of $5.96 billion. Northrop Grumman shares rose 1.03% to $102.50 in pre-market trading.