[SatNews] 2Q 2010 earnings reports are flooding into SatNews, and Northrop Grumman is no exception to the rule that most firms are reporting positive income generation.

Northrop Grumman reported 2Q 2010 earnings from continuing operations increased to $711 million, or $2.34 per diluted share, from $368 million, or $1.13 per diluted share, in the second quarter of 2009. The 2010 second quarter included a tax benefit of $296 million, or $0.97 per diluted share, which was partially offset by a pre-tax charge of $113 million, or $0.24 per diluted share, related to the company's decision to consolidate its Gulf Coast shipbuilding operations. The net impact of the tax benefit and the consolidation charge increased second quarter earnings from continuing operations by $0.73 per diluted share. Second quarter 2010 sales increased 3.3 percent to $8.8 billion from $8.5 billion. Cash provided by operations totaled $619 million in the second quarter of 2010 compared with cash provided by operations of $830 million in the second quarter of 2009. New business awards for the 2010 second quarter totaled $6.5 billion, bringing total backlog to $66 billion as of June 30, 2010.