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Northrop Grumman (NYSE: NOC ) said fourth-quarter earnings declined despite double-digit sales growth. The aerospace company also provided guidance for fiscal 2023.
December quarter sales rose 16% year over year to $10.03 billion, reflecting broad growth across all operating segments. Management expects an increase in sales for fiscal 2023.
| OUTLOOK | FY2022 | FY2023 |
| sales | $36.6 billion | $38 billion – $38.4 billion |
| MTM’s adjusted EPS | $25.54 | $21.85 — $22.45 |
| Capital expenditure | $1.44 billion | $1.65 billion – $1.7 billion |
| Adjusted free cash flow | $1.62 billion | $1.85 billion – $2.15 billion |
Despite the impressive sales performance, fourth-quarter net income fell to $2.08 billion or $13.46 per share from $2.71 billion or $17.14 per share in the corresponding period a year earlier. Meanwhile, MTM-adjusted earnings increased to $7.50 per share from $6.00 per share last year.
“Due to our proven ability to win competitively, hire and execute, we will increase our sales outlook for 2023 and hope to generate strong multi-year cash flow. We are focused on implementing our strategy, investing in the necessary capabilities and capacity customers, and return a significant portion of our increased cash flow to our shareholders,” said company CEO Kathy Warden.
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