Northrop Grumman Reports $10 Billion in Quarterly Sales

Aerospace industry giant Northrop Grumman didn’t feel economic headwinds during the second quarter of the year, reporting a 7% sales increase to $10.2 billion, according to the company’s earnings report. Net earnings for the quarter were also up compared to the same period in 2023 at $904 million. Northrop Grumman employs more than 1,000 people at its St. Augustine facility.

“Our diverse portfolio includes capabilities in high demand, and we have invested to create capacity and drive productivity to deliver differentiated capabilities for our customers,” said Kathy Warden, chair, chief executive officer and president, in the earnings release. “We are laser focused on performance and continue to expand profitability through the deliberate actions we are taking. With strong support for our programs, growing global orders for our products, and solid execution in our business, we are increasing our revenue and (earnings per share) guidance for the year.”

In a conference call with investors and media, Warden said the company’s diverse sectors enable it to meet customer needs around the globe.

“Overall, the key takeaway is that the breadth of our portfolio, our alignment to the key priorities for the U.S. and our allies, and our role on each leg of the U.S. Strategic Triad provides us visibility into avenues for our business to grow even if U.S. budget growth slows,” she said during the earnings call. “And as we’ve discussed frequently, over the last two years, we’re not just focused on top line growth. We’re taking deliberate actions to enhance profitability through digital enablement, productivity, supplier management and cost efficiency.”

Warden said she expects the growth trend to continue, particularly in the advanced electronics, weapons systems and aeronautics sectors, and said international sales are anticipated to contribute to higher sales and profitability through the end of the year.

According to information from the JaxUSA Partnership, Northrop Grumman’s St. Augustine facility was established in 1980 by the then Grumman Aerospace Corp., which merged with Northrop Corp. in 1994. The plant produces, modifies, repairs and overhauls aircraft and sub-assemblies. It is also the primary manufacturing site for the E-2D Advanced Hawkeye Airborne Early Warning & Control aircraft.