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Northrop Grumman Q4 profit drops despite sales growth

Northrop Grumman (NYSE: NOC) has said its fourth-quarter earnings declined despite a double-digit increase in sales. The aerospace company also provided guidance for fiscal 2023.

Northrop Grumman Q4 2022 earnings infographic

December-quarter sales moved up 16% year-over-year to $10.03 billion, reflecting broad-based growth across all operating segments. The management expects an increase in sales for fiscal 2023.

sales$36.6billion$38billion — $38.4billion
MTM-adjusted EPS$25.54$21.85 —$ 22.45
Capital expenditures$1.44billion$1.65billion — $1.7billion
Adjusted Free cash flow$1.62billion$1.85billion — $2.15billion

Despite the impressive sales performance, fourth-quarter net profit declined to $2.08 billion or $13.46 per share from $2.71 billion or $17.14 per share in the corresponding period of the prior year. Meanwhile, MTM-adjusted earnings increased to $7.50 per share from $6.00 per share last year.

Northrop Grumman Q4 2022 Revenue MiX

“Given our proven ability to competitively win, hire and perform, we’re raising our sales outlook for 2023 and expect to deliver strong multi-year cash flow growth. We are focused on executing our strategy, investing in the capabilities and capacity our customers need, and returning a significant portion of our growing cash flows to our shareholders,” said the company’s CEO Kathy Warden.

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