Boeing earnings rise 20%, Northrop's fall 27% in second quarter
Boeing Co. and Northrop Grumman Corp., two of the nation's largest aerospace companies, reported contrasting second-quarter financial results Wednesday.
Boeing said its earnings climbed 20% in the quarter, while Northrop posted a 27% decline in profit.
Northrop said Wednesday that it earned $520 million, or $1.81 a share, in the quarter, down from $740 million, or $2.44, a year earlier. The company exceeded analysts' expectations of $1.68 a share.
The Century City aerospace giant, which has massive facilities in Redondo Beach, El Segundo and Palmdale, reported a 10% drop in sales to $6.6 billion.
Meanwhile, Chicago-based Boeing posted a profit of $941 million, or $1.25 cents a share. That's up from $787 million, or $1.06, a year earlier. The company also exceeded analysts' earnings expectations of 96 cents a share.
Boeing, which has military and space facilities in El Segundo, Huntington Beach and Long Beach, saw sales jump 6% to $16.5 billion.
The company, which also manufactures jets for airlines, said commercial aircraft deliveries increased 4% to 118 in the second quarter from a year earlier.
At 8 a.m. PDT, Boeing shares were up $1.91 at $72.07 and Northrop shares were up $2.16 at $63.24.
Northrop and Boeing are among the largest private employers in the state. Northrop has about 30,000 employees in California and Boeing has about 22,000. Each operates a large military-related business in Southern California.
-- W.J. Hennigan
Photo: Northrop's B-2 stealth bomber on runway preparing for takeoff. Credit: Northrop Grumman Corp.