Why Northrop Grumman Stock Is Plummeting Today
The stock of Northrop Grumman (NYSE: NOC) is getting hit with big sell-offs Tuesday following the company's recently published first-quarter results. The share price was down 11.4% as of noon ET today amid the backdrop of a 1.9% gain for the S 500.
Northrop posted its first-quarter Q1 results before the market opened this morning, and both sales and earnings fell short of Wall Street's expectations. In addition to weaker-than-anticipated performance last quarter, the company also lowered its full-year performance targets.
The company posted earnings per share (EPS) of $6.06 on sales of $9.47 billion in the quarter. Unfortunately, the average analyst estimate had called for the business to report per-share earnings of $6.26 on sales of $9.94 billion. Revenue fell 7% year over year due to softer performance for its space systems and aeronautics systems.
Source Fool.com
