American aerospace and defence technology firm Northrop Grumman has announced a 3% increase in sales in the third quarter (Q3) of 2022.
The company’s total sales amounted to $9bn, compared with the $8.7bn reported in the same period of 2021.
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The performance was attributed to strong demand and improving trends in the availability of labour.
Total operating income in the quarter was $844m, down 19% from last year’s $1.04bn. The drop was driven by a $116m reduction in FAS/CAS operating adjustment and $55m in higher unallocated corporate expenses.
Northrop Grumman’s net earnings stood at $915m. The figure was $1.1bn in the third quarter of 2021.
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During the period that ended on 30 September 2022, the company posted net awards of $8.7bn. Its backlog at the end of the quarter was $79.6bn.
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By GlobalDataKey awards in the quarter include a $2.8bn contract for restricted programmes at Space Systems, Mission Systems and Aeronautics Systems, and a $1.3bn award for Ground-based Midcourse Defense.
Among the company’s businesses, Aeronautics Systems recorded a 7% drop in sales, from $2.72bn to $2.53bn.
Defense Systems’ quarterly sales also fell by 5% in the third quarter to $1.34bn, due to a low scope on an international training programme.
Mission System’s sales increased by 1% to $2.45bn year-on-year (YoY).
Space Systems’ quarterly sales were up 18% to $3.16bn, from $2.68bn last year.
Northrop Grumman chair, chief executive officer and president Kathy Warden said: “Our solid operating performance in the third quarter reflects extensive demand for our capabilities, positive trends in labour availability, and strong programme execution.
“We remain focused on performing for our customers and are confident in our ability to continue to grow our business and deliver value to our shareholders.”
The company expects its full-year sales and diluted earnings per share to be in the ranges of $36.2bn to $36.6bn and $24.50 to $25.10, respectively.
