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Northrop Posts 6% Sales Increase in Q1, CEO Kathy Warden Points to Space Business as Growth Driver

Northrop Grumman (NYSE: NOC) reported $9.5 billion in sales for the first quarter of its 2021 fiscal year, up 6 percent from the prior year period, and attributed the increase to results from its space, aeronautics and mission systems segments.

The Falls Church, Virginia-based company said Thursday net bookings for the quarter totaled approximately $8.9 billion, which include a $2.6 billion contract to support the Missile Defense Agency’s Next Generation Interceptor development program, while backlog sat at $79.3 billion as of March 31.

Northrop’s defense systems segment was its only unit that experienced a decline in sales, which came in at $1.56 billion compared with $1.88 billion in the same period last year.

The space systems business reported a 29 percent sales jump for the January-March period to $2.5 billion.

“We do see the potential for space to continue to be a growth driver for our business and indeed, our fastest-growing segment,” Kathy Warden, CEO of Northrop and 2021 Wash100 Award recipient, said in the company’s earnings call Thursday.

Earnings per diluted share rose from $5.15 to $13.43 on a year-on-year basis as a result of the company’s financial performance.

The divestiture of Northrop’s information technology services business to Peraton in a $3.4 billion cash agreement that took effect Jan. 30 was also reflected in the Q1 results with $1.1 billion of net after-tax benefit, or $6.86 per diluted share.

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