Northrop Grumman 1Q Sales Top Estimates on Strong Defense Demand
By Denny Jacob
Northrop Grumman posted better-than-expected sales in its latest quarter, pointing to strength in demands and services in the defense market.
The defense contractor logged earnings of $944 million, or $6.32 a share, for the first quarter ended March 31, up from $842 million, or $5.50 a share, a year earlier. Analysts polled by FactSet had expected $5.74 a share.
Sales surged 9% to $10.13 billion from $9.3 billion. Analysts polled by FactSet had expected $9.77 billion.
Sales were higher across all four segments, with aeronautics systems leading the pack on a percentage basis.
"Robust global defense spending and our strong backlog, along with expanding margins, continue to support our multi-year outlook for free cash flow growth," said Chief Executive Kathy Warden.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 25, 2024 07:26 ET (11:26 GMT)
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