Northrop Grumman Corporation (NYSE: NOC), a leading aerospace and defense company, Friday reported financial results for the third quarter of 2023.
- In the three months ended September 2023, Northrop’s sales increased 9% year-over-year to $9.78 billion
- Net awards totaled $15 billion during the three-month period; total backlogs rose to a record high of $84 billion
- Operating income increased 20% year-over-year to $1.02 billion; segment operating income was up 8%
- Third-quarter net income increased to $937 million or $6.18 per share from $915 million or $5.89 per share last year
- Operating cash flow came in at $1.2 billion in the third quarter; adjusted free cash flow was $869 million
- The management raised its full-year 2023 sales guidance by $400 million to approximately $39 billion
- It also reaffirmed the full-year earnings and free cash flow guidance
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