Northrop Grumman Reports Strong Quarterly Earnings

Northrop Grumman Corp. reported third quarter 2023 sales increased 9% to $9.8 billion compared with $9 billion in the third quarter of 2022, according to the company’s earnings release. The company has more than 1,000 employees at its St. Augustine facility.

“Third quarter 2023 sales reflect continued strong demand for our products and services,” the release said.

Third quarter 2023 net earnings totaled $937 million, or $6.18 per diluted share, as compared with $915 million, or $5.89 per diluted share, in the third quarter of 2022. Net earnings were reduced by $156 million, or $1.00 per diluted share, because of lower net pension income, and net earnings were increased by $67 million, or $0.44 per diluted share, due to the sale of a minority interest in an Australian business, according to the release.

“We had another strong quarter with solid performance on our programs, a new record backlog, and growth across all four of our businesses,” said Kathy Warden, chair, chief executive officer and president, in the release. “Based on our year-to-date results and increasing demand for our products, we are raising our 2023 sales guidance. We are also providing an initial 2024 outlook that reflects our expectation for solid revenue, operating income and free cash flow growth.”