Northrop Grumman (NYSE: NOC) posted $7.1 billion in sales for the second quarter of fiscal 2018, up 10 percent from the same period last year.
The company said Monday it recorded $689 million in Q2 net earnings, showing a 24 percent increase from the prior year period, and saw its backlog rise to $52.2 billion in the last quarter.
Wes Bush, Northrop chairman and CEO and a four-time Wash100 recipient, said he believes the company continues to build up its “foundation for long-term profitable growth” through the addition of innovation systems business – formerly Orbital ATK — to the portfolio, dividend increases and share repurchases.
Northrop’s aerospace systems segment saw its sales rise 11 percent to $3.3 billion for the second quarter of 2018, driven by the F-35 program, higher volume for restricted operations and increase in sales of autonomous systems.
The company’s innovation systems business recorded $400 million in Q2 sales, while the mission systems segment’s Q2 revenue climbed 1 percent due to higher sales for sensors, F-35, Scalable Agile Beam Radar and communications programs.