Northrop Grumman has reported net earnings of $1.02bn for the third quarter (Q3) of 2024, a 9% increase from the $937m recorded in the same period the previous year.
This growth is attributed to a rise in operating income, a $36m increase in the non-operating FAS pension benefit and a lower effective tax rate.
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For the quarter ending 30 September 2024, the company’s total operating income was $1.12bn, compared to $1.01bn in the same period last year, marking a 10% increase.
This rise in the operating income is again claimed to be due to a $57m increase in segment operating income and a $40m increase in the FAS/CAS operating adjustment.
The company’s total sales stood at $9.99bn, an increase from $9.77bn in the third quarter of 2023.
Diluted earnings per share also saw an uptick, rising from $6.18 in Q3 2023 to $7 in Q3 2024, while basic earnings per share increased from $6.20 to $7.02.
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By GlobalDataOperating costs and expenses for the company in Q3 2024 were $8.87bn, compared to $8.75bn in the previous year.
For the first nine months of 2024, Northrop Grumman’s net earnings were $2.91bn, showing an improvement from $2.59bn in the same period last year.
Total sales for the nine months reached $30.34bn, up from $28.65bn.
Northrop Grumman chair, chief executive officer and president Kathy Warden said: “Based on the strength of our year-to-date results and our positive outlook for the future, we are once again raising our 2024 guidance.
“Sales remain on target for 5% growth this year and the deliberate actions we are taking to improve margin rates have resulted in further expansion this quarter.”
Looking ahead, the company forecasts full-year sales for 2024 to be between $41bn and $41.4bn.
Earlier in October 2024, Northrop Grumman announced the Advanced Battle Manager, into its Forward Area Air Defense command-and-control system.
