Northrop Grumman has raised full-year sales and earnings guidance after posting strong results in the second quarter of 2021.
In the three-month period that ended on 30 June, the company’s sales amounted to $9.2bn. The figure represents a 3% increase compared to $8.9bn registered in the second quarter of 2020.
Net earnings also registered a 3% growth on a year-on-year basis increasing to $1.04bn, or $6.42 per diluted share, in Q2 2021.
The strong results in the quarter were primarily driven by an increase in sales in the Space Systems segment. The segment reported a 34% jump in quarterly sales to $2.75bn.
Meanwhile, the company’s Defense Systems recorded a 24% drop in total sales with figures declining from $1.89bn in Q2 2020 to $1.43bn in Q2 2021.
Quarterly sales of Mission Systems grew by 6% while sales at Aeronautics Systems remained flat on a year-on-year basis.
On the basis of the second quarter of 2021 financial results, Northrop Grumman increased full-year sales guidance to the range of $35.8bn to $36.2bn. The previous forecast ranged between $35.3bn and $35.7bn.
Additionally, the company now expects full-year adjusted earnings per share between $24.40 and $24.80, up from its previous guidance of $24 and $24.50.
Northrop Grumman chairman, CEO and president Kathy Warden said: “Northrop Grumman delivered outstanding second-quarter results, reflecting the strength of our portfolio and its alignment to national security priorities, as well as our team’s ability to perform on our commitments.
“Based on the strength of our growth and performance year-to-date and our enhanced outlook for the year, we have increased our 2021 sales and EPS guidance.”
Northrop Grumman is a multinational aerospace and defence technology company based in the US state of Virginia.
Recently, the company received a digital enterprise agreement with the UK Ministry of Defence (MoD) organisation, ‘Defence Digital’.