Northrop Grumman (NYSE: NOC) gained $10.1 billion in sales during the first quarter of 2024, up 9 percent from the $9.3 billion it posted in the same period last year, and reported net earnings of $944 million, or $6.32 per diluted share.
The company, in a Thursday announcement, attributed the sales growth to higher sales in all four sectors and continued demand for its products and services.
Northrop’s aeronautics systems division posted the highest increase in Q1 sales, with nearly $3 billion at the end of the quarter, representing an 18 percent increase from the prior year.
The space systems segment’s sales during the period increased 9 percent to $3.7 billion, while the mission systems and defense systems recorded 4 percent and 3 percent sales growth, respectively.
“Northrop Grumman’s first quarter performance includes 9 percent sales and double digit earnings growth, showing we are off to a strong start to the year. We’re also seeing the results of our focus on productivity and cost efficiency to improve operating margin in many of our businesses,” said Kathy Warden, chair, CEO and president of Northrop and a nine-time Wash100 awardee.
Northrop’s backlog for the quarter totaled $78.9 billion, including new awards for restricted programs worth $3.1 billion.
The defense contractor said it returned $1.5 billion to shareholders through share repurchases and dividends.
