Northrop Grumman Cuts Earnings Outlook on B-21 Bomber Costs
The B-21 Raider bomber at Northrop Grumman Corp.'s plant in Palmdale, California.
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Northrop Grumman Corp. reported first-quarter profit that missed analysts’ expectations and cut its earnings forecast for the year as costs mounted for its next-generation B-21 stealth bomber.
The shares fell the most since the early days of the pandemic on Tuesday, after Northrop said per-share profit declined by 47% in the first quarter, primarily due to new loss provisions tied to the B-21.