Northrop Grumman (NYSE: NOC) reported a 3 percent increase in revenue for the second quarter of its 2021 fiscal year to $9.2 billion from the prior year period and lifted its full-year earnings and sales guidance Thursday.
Revenue for the space business came in at $2.7 billion, up 34 percent from the same period last year, while revenue for the mission systems segment grew 6% for the quarter to $2.6 billion, according to Northrop’s financial statement.
The company expects 2021 sales in the 35.8 billion-to-$36.2 billion range compared to the previous $35.3 billion-to-$35.7 billion outlook, with earnings at $24.40-to-$24.80 per share versus the prior $24.00-to-$24.50.
Kathy Warden, chairman, president and CEO of Northrop, cited in an earnings call the company’s progress on its Ground Based Strategic Deterrent program and projected that space will “continue to be our fastest-growing segment.”
The six-time Wash100 winner noted that the GBSD team completed the engineering and manufacturing development and integrated baseline reviews with the U.S. Air Force.
Revenue for Northrop’s aeronautics business held flat at $2.9 billion for the quarter, while its defense segment experienced a 24 percent decline in Q2 sales.