Summary by Futu AI
Northrop Grumman reported solid Q3 2024 financial results with sales increasing 2% to $9.996 billion and net earnings rising 9% to $1.026 billion. Operating income grew 10% to $1.12 billion, while diluted earnings per share increased 13% to $7.00. The company's operating margin rate improved to 11.2% from 10.4% in the prior year period.Mission Systems led segment growth with a 7% sales increase, while Aeronautics Systems and Defense Systems grew 4% and 2% respectively. Space Systems sales declined 3% due to wind-down of restricted space and NGI programs. The company secured $11.7 billion in new awards during the quarter, maintaining a robust total backlog of $84.8 billion.The company ended the quarter with $3.3 billion in cash and cash equivalents. During Q3, Northrop Grumman continued its capital deployment strategy, repurchasing shares and paying dividends while investing in growth initiatives. The company issued $2.5 billion in senior notes in January 2024 to support these activities and maintains strong liquidity with access to significant credit facilities.
