Northrop Grumman (NYSE: NOC) saw its sales for the third quarter of fiscal 2022 jump 3 percent to $9 billion, up from $8.7 billion during the prior-year period, and attributed the growth to improving trends in labor availability and strong demand for the company’s capabilities.
The Falls Church, Virginia-based aerospace and defense contractor said Thursday Q3 net awards totaled $8.7 billion, including $2.8 billion for restricted programs and $1.3 billion for the Ground-based Midcourse Defense system.
The company recorded a total backlog of $79.6 billion and year-to-date 2022 net awards of $30.2 billion.
Northrop’s space systems business posted an 18 percent increase in sales for the third quarter to $3.2 billion, while its mission systems business reported $2.45 billion in Q3 revenue, up 1 percent from the same period last year.
Kathy Warden, chairman, CEO and president of Northrop and a 2022 Wash100 Award winner, mentioned during the company’s earnings call mission systems, missile defense and hypersonics as some of the market areas where the company continues to strengthen its position.
“Our mission systems solutions are another area of our portfolio where innovation is critical to success, where the fast pace of threats and new technologies is driving the need for platforms and sensors to be able to connect with one another, share data and be part of a broader family of systems,” Warden said.
“In this growing market, we’re building on our strong position in sensors, secure communications, and networking to compete for and win new opportunities,” she added.
For the hypersonics area, Warden cited the selection of the Northrop-Raytheon Technologies (NYSE: RTX) team to work on the U.S. Air Force’s Hypersonic Attack Cruise Missile program.
