Northrop Gruman price target raised to $431 from $419 at RBC Capital Markets

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Northrop Grumman beats profit and sales expectations, raises outlook

Northrop Grumman Corp. reported Wednesday first-quarter net income that rose to $739 million, or $4.21 a share, from $650 million, or $3.69 a share, in the same period a year ago. The FactSet consensus for earnings per share was $3.62. The stock was still inactive in premarket trade. Revenue grew to $6.74 billion from $6.41 billion, beating the FactSet consensus of $6.63 billion, as higher sales in aerospace systems and mission systems offset lower sales at technology services. The aerospace and defense contractor said the first-quarter tax rate declined to 15.2% from 17.5%. For 2018, the company raised its EPS outlook to $15.40 to $15.65 from $15.00 to $15.25, and affirmed its sales guidance of about $27 billion. The stock has rallied 11.3% year to date, while the S&P 500 has lost 1.5%.

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