RTTNews | Jan 27, 2022 07:05AM EST

07:05 Thursday, January 27, 2022 (RTTNews.com) - While reporting financial results for the fourth quarter on Thursday, Northrop Grumman Corp. (NOC) initiated its adjusted earnings and sales guidance for the full year 2022.

For fiscal 2022, the company now projects transaction-adjusted earnings in a range of $24.50 to $25.10 per share on sales between $36.20 billion and $36.60 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $25.09 per share on revenues of $37.03 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, the company reported net earnings of $2.71 billion or $17.14 per share, sharply higher than $330 million or $1.97 per share in the prior-year quarter,

Excluding items, transaction-adjusted net earnings per share were $6.00, compared to last year's $6.59.

Total sales for the quarter declined 15 percent to $8.64 billion from $10.21 billion in the same quarter last year. Organic sales decreased 10 percent.

The Street was looking for earnings of $5.96 per share on revenues of $8.99 billion for the quarter.

On Monday, the company's board of directors authorized a new share repurchase program of up to an additional $2.0 billion in share repurchases of the company's common stock, bringing the total outstanding authorization up to $4.2 billion.

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