Shares of Northrop Grumman Corp. sank 2.1% in premarket trading Thursday after the aerospace and defense company reported an adjusted profit that beat expectations but revenue and 2020 guidance that was below forecasts. The company swung to a net loss of $409 million, or $2.43 a share, from income of $356 million, or $2.06 a share, in the year-ago period. Excluding non-recurring items, such as a mark-to-market pension charge of $1.4 billion, adjusted earnings per share came to $5.61, above the FactSet consensus of $4.77. Sales grew 7% to $8.72 billion, below the FactSet consensus of $8.85 billion. Aerospace sales rose 10% to $3.52 billion to match the FactSet consensus; mission systems sales increased 6% to $3.22 billion to come up shy of expectations of $3.29 billion; innovation systems sales grew 9% to $1.60 billion, above expectations of $1.56 billion; and technology services sales fell 4% to $1.02 billion to miss expectations of $1.07 billion. For 2020, Northrop expects adjusted EPS of $22.75 to $23.15, below the FactSet consensus of $23.18, and projects sales of $35.3 billion to $35.8 billion, compared with expectations of $36.0 billion. The stock has climbed 36.3% over the past 12 months through Wednesday, while the S&P 500 has advanced 22.1%.