NEW YORK (Reuters) - Northrop Grumman Corp reported a better-than-expected 5 percent increase in third-quarter profit, helped by higher sales of its military equipment.
The U.S. No. 3 defense contractor behind Lockheed Martin Corp
The company, which makes bombers, warships and a range of military electronics, reported quarterly net profit of $512 million, or $1.51 per share, compared with $489 million, or $1.41 per share, a year earlier.
Excluding one-time items, Northrop's earnings were $1.50 per share, while Wall Street was expecting $1.41, according to Reuters Estimates.
Sales rose 6 percent to $8.4 billion, above analysts' average forecast of $8.17 billion. Northrop's information, aerospace and electronics units posted higher sales, but shipbuilding revenue fell slightly.
Northrop raised its full-year earnings per share forecast to $5.10 to $5.20, up from its previous forecast of $4.90 to $5.15. Wall Street is expecting $5.12, on average.
(Reporting by Bill Rigby, editing by Gerald E. McCormick)
