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.
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.
“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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