Northrop Grumman (NYSE: NOC) gained $10.6 billion in sales in the fourth quarter of 2023, up 6 percent compared to the same period the previous year and $39.3 billion in full-year sales, a 7 percent year-over-year increase.
Kathy Warden, chair, CEO and president of Northrop and a 2024 Wash100 awardee, attributed the growth to the increased demand for the company’s products and services and reaffirmed the cash flow outlook for 2024 and 2025, projecting growth to continue in 2026, according to an earnings statement published Thursday.
“Northrop Grumman’s solid performance, record backlog and differentiated portfolio support our outlook for robust cash generation and our plans to return a significant amount of capital to shareholders,” Warden said.
The total sales figures reflect gains from Northrop’s aeronautics systems, defense systems, mission systems and space systems divisions.
The company said the quarter ended with a record $84.2 billion backlog driven by a full-year book-to-bill of 1.14.
Fourth quarter net loss reached $535 million, or $3.54 per diluted share, and net earnings for the year totaled $2.1 billion, or $13.53 per diluted share.
