Northrop Grumman Corporation NOC reported second-quarter 2017 earnings of $3.15 per share, beating the Zacks Consensus Estimate of $2.84 by 10.9%. Reported earnings were also up 10.5% from $2.85 recorded in the year-ago quarter.Total RevenueIn second-quarter 2017, Northrop Grumman reported total revenue of $6.38 billion, beating the Zacks Consensus Estimate of $6.21 billion by 2.7%. Revenues also increased 6.3% from the year-ago figure of $6 billion. The revenue upside was primarily driven by a 14.2% increase in Aerospace systems sales.Northrop Grumman Corporation Price, Consensus and EPS Surprise Northrop Grumman Corporation Price, Consensus and EPS Surprise | Northrop Grumman Corporation QuoteSegmental DetailsAerospace Systems: Segment sales of $2.97 billion increased 14.2% year over year as a result of higher volumes of manned aircraft programs. Strong autonomous systems and space sales also benefitted this segment.Operating income also rose 1% to $315 million, while operating margin contracted 140 basis points (bps) to 10.6%.Mission Systems: Segment sales increased 3.4% to $2.78 billion due to higher sales volume of Sensors and Processing systems.Operating income improved 6.6% to $374 million, while operating margin expanded 40 bps to 13.4%.Technology Services: Sales at the segment dropped 3.1% to $2.78 billion, driven by lower sales for System Modernization and Services programs as well as Advanced Defense Services programs.Operating income increased 2.3% to $134 million while operating margin expanded 60 bps to 11.4%.Operational UpdateTotal operating cost and expenses at the end of the quarter was $5.52 billion, up 6.1%.Operating income during the quarter also increased 7.3% to $0.9 billion.Financial ConditionNorthrop Grumman’s cash and cash equivalents as of Jun 30, 2017 were $1.38 billion, down from $2.54 billion as of Dec 31, 2016.Long-term debt (net of current portion) as of Jun 30, 2017, was $6.21 billion, down from $7.06 billion as of 2016 end.Net cash outflow from operating activities as of Jun 30, 2017 was million compared with the year-ago figure of $544 million.2017 GuidanceNorthrop Grumman currently expects to generate revenues lower than $25 billion during 2017 compared with its earlier guidance of approximately $25 billion. On the bottom-line front, the company has raised its outlook. Northrop Grumman now expects to generate earnings in the range of $12.10–$12.40 compared with the earlier guidance range of $11.80–$12.10.However, the company maintains its free cash flow guidance in the range of $1.8–$2 billion.Zacks RankNorthrop Grumman currently holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Recent Peer ReleasesLockheed Martin Corp. LMT reported second-quarter 2017 earnings from continuing operations of $3.23 per share, beating the Zacks Consensus Estimate of $3.10 by 4.2%. Earnings also surpassed the year-ago period’s bottom-line figure by 10.2%.Textron Inc. TXT reported second-quarter 2017 adjusted earnings from continuing operations of 60 cents per share, beating the Zacks Consensus Estimate of 55 cents by 9.1%.The Boeing Company BA reported adjusted earnings of $2.55 per share for second-quarter 2017, beating the Zacks Consensus Estimate of $2.32 by 9.9%. In the year-ago quarter, the company had reported a loss of 44 cents.The Hottest Tech Mega-Trend of AllLast year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Northrop Grumman Corporation (NOC): Free Stock Analysis Report Boeing Company (The) (BA): Free Stock Analysis Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Textron Inc. (TXT): Free Stock Analysis Report To read this article on Zacks.com click here.