Northrop Reports Q2 Double Beat, Record Backlog — Stock Falls Anyway

Northrop Grumman Corporation (NYSE: NOC ) shares are trading lower Tuesday after the company reported second-quarter financial results. Northrop Grumman shares are retreating from recent levels. Why is NOC stock falling? Beats Q2 Estimates, Backlog Hits Record $104.7B Northrop reported GAAP earnings per share of $7.68, beating the consensus estimate of $6.82. In addition, it reported revenue of $10.87 billion, beating the consensus estimate of $10.80 billion. Net awards of $20 billion pushed the company’s backlog to a new record of $104.7 billion. Significant new awards included $7.6 billion for Sentinel, $4.3 billion for restricted programs, $1.0 billion for F-35, $0.8 billion for Glide Phase Interceptor, and $0.7 billion for Multi-role Electronically Scanned Array. “Northrop Grumman achieved a new record backlog, driven by robust global demand for our products,” sa...