Northrop faces near-term margin headwinds, but it will continue to generate strong cash flow.
Narrow-moat Northrop Grumman reported first-quarter 2017 results and maintained guidance for each of its operating segments. However the company increased its 2017 outlook for diluted EPS due to a stronger FAS/CAS pension tailwind combined with a lower tax rate this quarter that should reduce the 2017 tax rate by around 200 basis points versus prior guidance. We plan to raise our $209 fair value estimate due to the incorporation of a 25% U.S. statutory tax rate; this change reflects our assumpti...Northrop Grumman is a security company. The company's segments include: Aerospace Systems, which is engaged in the design, development, integration and production of manned aircraft, autonomous systems, spacecraft, high-energy laser systems, microelectronics and other systems and subsystems; Innovation Systems, which is engaged in the design, development, integration and production of flight, armament and space systems; Mission Systems, which is engaged in end-to-end mission solutions and multifunction systems; and Technology Services, which is engaged in delivering solutions and services in support of mission-critical networks and systems.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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