Led by strong growth in shipbuilding, Northrop Grumman Corp. said on April 28 its first-quarter profit increased 20%.
The aerospace and electronics manufacturer, which bought 8.3 million of its own shares during quarter, also increased its 2010 earnings forecast by a nickel, saying it expects to earn between $5.75 and $6 a share from continuing operations this year.
Business improved for nearly every sector in which the company operates, except for a 1% decline in information systems.
Operating income in the aerospace division jumped 10% and income from ship building, though a much smaller segment, grew by 26%.
Northrop Grumman reported an overall net income of $469 million, or $1.53 a share, for the first three months of the year. That compares with $389 million, or $1.17 a share, in the same period last year.
Revenue increased 9% to $8.61 billion.
Northrop said it was awarded $6.9 billion worth of business in the quarter, bringing the company's total backlog to $67.5 billion as of March 31.
Copyright 2010 The Associated Press.