Northrop Grumman’s second quarter earnings shows a 2 percent increase in sales from the second quarter of 2015, due partly to the increased revenue from their aerospace sales.
The report released Wednesday shows sales reaching $6 billion, a 2 percent increase since the second quarter of 2015, which met $5.9 billion.
According to the report, aerospace revenue increased 4 percent since 2015 from sales for manned aircraft and autonomous systems programs. This was primarily due to increased F-35 deliveries, although that was somewhat negated by fewer F/A-18 Hornet deliveries and lower volume on the B-2 program. While Lockheed Martin is the prime contractor for the F-35, Northrop is involved in developing the center fuselage, radar and avionics suite. Similarly, Northrop is a principal subcontractor to Boeing on the Hornet program.
Furthermore, revenue increased 2 percent in the mission systems segment and dropped 2 percent in the technology services segment.
“Solid operational execution and value-creating cash deployment continue to drive our strong financial results,” CEO and President Wes Bush said. “Our entire team continues to be focused on operational excellence as we position the company for profitable long-term growth.”
