Northrop Grumman Corporation (NOC) has reported 15.11 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $640 million, or $3.63 a share in the quarter, compared with $556 million, or $3.03 a share for the same period last year. On an adjusted basis, earnings per share were at $3.13 for the quarter compared with $2.77 in the same period last year.

Revenue during the quarter grew 5.22 percent to $6,267 million from $5,956 million in the previous year period. Gross margin for the quarter expanded 66 basis points over the previous year period to 24.08 percent. Total expenses were 86.72 percent of quarterly revenues, down from 87.59 percent for the same period last year. This has led to an improvement of 87 basis points in operating margin to 13.28 percent.

Operating income for the quarter was $832 million, compared with $739 million in the previous year period.

However, the adjusted operating income for the quarter stood at $696 million compared to $665 million in the prior year period. At the same time, adjusted operating margin contracted 6 basis points in the quarter to 11.11 percent from 11.17 percent in the last year period.

"First quarter results are a strong start to the year, with solid operational performance from all three of our businesses. We continue to position our company for long-term profitable growth," said Wes Bush, chairman, chief executive officer and president.

The company has spent $214 million cash to meet investing activities during the quarter as against cash outgo of $298 million in the last year period.

The company has spent $485 million cash to carry out financing activities during the quarter as against cash outgo of $684 million in the last year period.

Cash and cash equivalents stood at stood at $1,403 million as at Mar. 31, 2017.