Northrop Grumman Corporation ( NOC - Analyst Report ) has entered into a 2-year agreement with Juno Technologies. As per the deal, the former will act as a mentor to the latter’s business development and industry conference participation, foreign military sales and International Traffic in Arms Regulations and proposal development.

Juno Technologies is a small business that focuses on the application and adaptation of commercial off-the-shelf products to meet the requirements of Department of Defense information technology. Juno is also a partner to Northrop’s Consolidated Afloat Networks and Enterprise Services (CANES) program.

CANES program is designed to streamline and update shipboard networks to improve interoperability across the fleet. The main goal of CANES is to build a secure shipboard network required for naval and joint operations and is committed to boost dynamic and creative small businesses.

Falls Church, Virginia-based Northrop Grumman Corporation supplies a broad array of products and services to the U.S. Department of Defense including electronic systems, information technology, aircraft, space technology, and systems integration services. Northrop has been mentoring small business from long time. Currently, it is under 15 mentor-protege agreements. Our bullish outlook for the company is supported by favorable projected revenue and diversified revenue and earnings streams.

Going forward, Northrop Grumman offers a strong program portfolio positioned to take advantage of focus areas in the defense space, an improving balance sheet and an ongoing share repurchase program.

In July 2012, Northrop reported second-quarter 2012 results. Adjusted earnings per share of $1.79 easily surpassed the Zacks Consensus Estimate of $1.61 and the year-ago figure of $1.59. Sales for the reported quarter decreased 4.4% to $6.27 billion from $6.56 billion in the year-ago quarter. However, revenues beat the Zacks Consensus Estimate by $89 million.

The company presently retains a short-term Zacks #2 Rank (Buy). We have a long-term Outperform recommendation on the stock. Some of its main competitors are General Dynamics Corporation ( GD - Analyst Report ) and Lockheed Martin Corporation ( LMT - Analyst Report ) .