OREANDA-NEWS. Northrop Grumman Corporation (NYSE: NOC) reported second quarter 2015 net earnings increased 4 percent to $531 million, or $2.74 per diluted share, from $511 million, or $2.37 per diluted share in the second quarter of 2014. This quarter's results include a $38 million, or $0.20 per share, net tax benefit for additional research credits. Second quarter 2015 diluted earnings per share are based on 193.7 million weighted average shares outstanding compared with 215.2 million shares in the prior year period. The company repurchased 6.8 million shares of its common stock for $1.1 billion in the second quarter of 2015. As of June 30, 2015, the company had repurchased 54.3 million shares toward its previously announced goal of retiring 60 million shares of its common stock by the end of 2015, market conditions permitting.

"Our team continues to create value through strong operational performance and effective cash deployment. Going forward we will continue to focus on portfolio, performance and cash deployment as value creation drivers for our shareholders, customers and employees. Our portfolio affords us a unique and robust opportunity set, and we are optimistic about our future," said Wes Bush, chairman, chief executive officer and president.