FALLS CHURCH, Va. (AP) — Defense contractor Northrop Grumman Corp. said Wednesday that its fourth-quarter net income fell 3 percent, hurt by lower government spending.
The Falls Church, Va.-based company earned $533 million, or $2.14 per share, down from $548 million, or $2.09 per share, a year ago. The recent quarter's results are based on 248.9 million outstanding shares, while those of the year-ago are based on 262.7 million.
Revenue was relatively flat at $6.48 billion compared with $6.51 billion.
Analysts, on average, expected a profit of $1.74 per share on $6.37 billion in revenue, according to FactSet.
Northrop Grumman said sales of aerospace systems rose 7 percent to $2.6 billion on higher demand for drone aircraft, but sales of electronic, information and technical systems all fell as a result of lower government sales volumes.
For the full year. Northrop Grumman earned $1.98 billion, or $7.81 per share, down from $2.12 billion, or $7.52 per share, in 2011. Revenue fell to $25.22 billion from $26.41 billion.
Northrop Grumman projected a 2013 profit of between $6.85 and $7.15 per share on revenue of about $24 billion. Analysts expect earnings of $6.97 per share on $24.37 billion in revenue.
In premarket trading, Northrop Grumman shares fell 77 cents, or 1.2 percent, to $66.