Northrop Grumman Q2 sales up 9% to $9.6B; raises 2023 sales guidance by $400M

NORTHROP GRUMMAN CORP /DE/

2023-Q2 EPS reported $10.83 revenue$18,877,000,000

Diluted EPS $5.34 vs $6.06; net earnings $812M, down 14%; $244M lower non-operating pension benefit.
Sales $9.6B (+9%); Space Systems up 17% to $3.49B; Aeronautics Systems up 2% to $2.60B.
Net awards $10.9B, book-to-bill 1.14; backlog $78.8B; F-35, GBSD, Virginia-Class submarine awards.
Operating cash flow $919M vs -$197M; adjusted free cash flow $615M vs -$460M.
Increases FY2023 sales guidance by $400M and low-end EPS guidance by $0.20; improving labor/supplier environment.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NORTHROP GRUMMAN CORP /DE/ reported second quarter ended June 30, 2023 results: revenue $9.6 billion, net income $812 million, EPS $5.34 per diluted share. Guidance raised.

Period: second quarter ended June 30, 2023
Revenue: $9.6 billion
Net income: $812 million
EPS: $5.34 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

FALLS CHURCH, Va. – July 27, 2023 – Northrop Grumman Corporation (NYSE: NOC) reported second quarter 2023 sales increased 9 percent to $9.6 billion, as compared with $8.8 billion in the second quarter of 2022. Second quarter 2023 sales reflect continued strong demand and improving labor availability and supplier deliveries. Second quarter 2023 net earnings totaled $812 million, or $5.34 per diluted share, as compared with $946 million, or $6.06 per diluted share, in the second quarter of 2022. Net earnings were reduced by $160 million, or $1.01 per diluted share, as a result of lower net FAS/CAS pension income. “Strong global demand for our products, increased supply chain deliveries and our continued success in hiring and retaining talent drove second quarter growth of nine percent,” said Kathy Warden, chair, chief executive officer and president. “With backlog more than double annual sales and a robust U.S. and international outlook for our programs, we have increased our full year s

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