Loading...
Loading...
- Northrop Grumman Corp NOC reported first-quarter FY23 sales growth of 6% year-over-year to $9.3 billion, beating the consensus of $9.17 billion.
- EPS was $5.50 (-10% Y/Y), beating the consensus of $5.09.
- Sales by segments: Aeronautics Systems $2.52 billion (-7% Y/Y), Defense Systems $1.38 billion (+7% Y/Y), Mission Systems $2.56 billion (+3% Y/Y), and Space Systems $3.35 billion (+17% Y/Y).
- NOC stated that Q1 sales reflect strong demand across its broad portfolio of products and services.
- Total operating income was $947 million (+6% Y/Y), and the margin was flat at 10.2%, while the segment operating margin contracted by 100 bps to 10.8%.
- Q1 net awards totaled $8 billion, and backlog totaled $77.5 billion (-2% Q/Q).
- Net cash used in operating activities for the quarter totaled $702 million, compared to $488 million in 1Q22. Adjusted Free cash flow was negative $1.01 billion.
- NOC returned $1 billion to shareholders through dividends and share repurchases during the quarter.
- FY23 Outlook: Northrop Grumman reaffirms sales guidance of $38 billion-$38.4 billion, versus the consensus of $38.32 billion.
- The company raised its adjusted EPS guidance to $22.25-$22.85 (before $21.85 -$22.45) versus the consensus of $22.03.
- NOC sees an Adjusted free cash flow of $1.85 billion-$2.15 billion for FY23.
- Price Action: NOC shares traded lower by 0.38% at $447.40 on the last check Thursday.
- Now Read: Ukrainian Presidential Advisor Blames US Nuclear Policies For Unleashing 'Major War' in Europe
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in