Northrop Grumman raised its 2013 financial outlook after posting a strong second quarter, aided by work on the F-35 Joint Strike Fighter program.
The aerospace and defense contractor's second quarter net profit increased to $488 million, up from $480 million during the second quarter 2012. Based on the strong second quarter, Northrop raised its earnings outlook for 2013 from $24 to $24.3 billion.
Total sales for the company's aerospace systems unit increased nine percent to $2.6 billion.
"The increase in manned military aircraft is principally due to higher F-35 volume resulting from the delivery of 11 units under low rate initial production lot 5 (LRIP 5), the first lot accounted for under the units-of-delivery method," Northrop said in a statement.
Northrop joins Lockheed Martin, manufacturer of the F-35 fighter jet, and Boeing as another major aerospace and defense contractor that raised its 2013 financial outlook this week based on a strong second quarter performance, despite the major government budget cuts implemented in March.
Related: Military News