Northrop Grumman (NYSE: NOC) announced fourth-quarter sales rose 6% to $10.6 billion, capping off a 2023 increase of 7% to $39.3 billion. However, Q4 net loss totaled $535 million, including a $1.56 billion pre-tax charge for the B-21 program.
Full-year 2023 net earnings were $2.1 billion or $13.53 per share, impacted by the B-21 charge and mark-to-market pension expense.
Despite these charges, Northrop achieved a record backlog of $84.2 billion in 2023 and issued strong 2024 guidance aligned with the prior outlook.
The company reaffirmed 2024-2025 free cash flow guidance and expects robust growth through 2026.
Meanwhile, CEO Kathy Warden cited sustained demand supporting Northrop's performance and capital return plans.