Northrop Grumman (NYSE: NOC) — one of 30 companies listed on Executive Mosaic’s GovCon Index — has reported third quarter earnings of $2.75 per share, 56 cents higher Wall Street analyst forecastsÂ and 59 cents more than the prior year period.
The company postedÂ aÂ $516 millionÂ profit for the quarter and recordedÂ $5.98 billion in revenue, figures respectivelyÂ 9.09 percent higher and relatively flat compared to theÂ same period last year.
Wall Street analysts expected the company to report approximately $5.88 billion in sales.
Northrop also raised itsÂ full-year earnings guidance to between $9.70 and $9.80 per share from the prior $9.55-to-$9.70 range and adjusted its 2015 sales outlook to between $23.6 billion and $23.8 billionÂ from its previous $23.4 billion-to-$23.8 billion forecast.
In a subsequent call with investors, Chairman and CEO Wes Bush said theÂ company’s reorganization from four segments to three is not aÂ precursor for a sale or spinoff.
Northrop reported its earnings 14 hours after the Defense DepartmentÂ said the companyÂ wonÂ a multibillion dollar contract to build the U.S. Air Force‘s Long Range Strike Bomber.
Bush declined to answer investor questions on the programÂ and referred investors to information from the Air Force on the program’s technical and monetary details.
The companyÂ repurchasedÂ 5.6 million shares for $944Â million in the quarter toÂ completeÂ aÂ 60-million share buyback plan the company announced in May 2013.
Year-to-date, the company has bought back 17.7 million shares for $2.9 billion and $4.6 billion remains on the company’s share repurchaseÂ authorizations as of Sept. 30.
NorthropÂ reported 187.9 million outstanding shares for the 2015 third quarter compared to 209.2 million shares in the same period last year.
Total backlog sits at $35.89 billion as of Sept. 30 with $21.79 billion funded and the remaining $14.1 billion from unexercised contract options and indefinite-delivery/indefinite-quantity vehicles.
The company bookedÂ $15.5 billion in new awards between January and September.
Revenue climbed 0.8 percent year-over-year in Northrop’s aerospace systems segment, electronic systems was up 2 percent, information systems fellÂ 2.6 percent and technical services rose 0.6 percent.
Northrop shares have risen 22.53 percent from the year’s start and are up 38.08 percent over 12 months.
As of 7:18 a.m. Eastern time, Northrop’s stock jumped 5.92Â percent to $191.30 in extended hours trading on higher volume after the Air Force bomber contract announcement.