Northrop Grumman Corp (NYSE:NOC) 2023 Bernstein's 39th Annual Strategic Decisions Conference Call Summary Company Overview - **Company**: Northrop Grumman Corp - **Industry**: Aerospace and Defense Key Points and Arguments Financial Performance - Northrop Grumman reported a **6% year-over-year growth** in the first quarter of 2023 [3] - The company returned **$1 billion** to shareholders through an accelerated share repurchase program and dividends [3] - Projected cash flow growth is expected to exceed **20% compound annual growth rate (CAGR)** through 2025 [3] Defense Budget and Market Outlook - The defense budget is projected to grow by **over 3% year-over-year**, but this does not keep pace with inflation, leading to reduced buying power for the Department of Defense [8] - Bipartisan support for national defense is noted, with optimism for future growth in defense spending [9] - Northrop Grumman's portfolio aligns well with high-priority defense programs, including the B-21, Sentinel, and Columbia Class Submarines [11][12] Supply Chain and Labor - Labor conditions have improved, with attrition rates returning to pre-pandemic levels [4] - Supply chain challenges persist, particularly in electronics, but gradual improvements are expected [20] - The company anticipates a positive trend in supply chain resolution throughout 2023 [21] Missile Defense and Munitions - Approximately **10% of revenues** are derived from missile defense programs, which include various contracts and systems [16] - Northrop Grumman has received **$350 million** in awards related to missile defense and munitions in the first quarter [14] - The company is positioned as a key supplier in missile defense, with ongoing demand driven by international conflicts [15] B-21 Program - The B-21 program is progressing well, with expectations for first flight based on safety data [35] - Concerns regarding potential losses on LRIP contracts due to inflation have been addressed, with a range of **$0 billion to $1.2 billion** identified for potential impacts [26] - The company expects to maintain **10% operating margins** despite challenges from LRIP contracts [33] Space and Future Growth - The Space portfolio is identified as the fastest-growing area, with expected growth rates of at least **10%** in the near term [66] - Northrop Grumman's involvement in low-Earth orbit constellations is expected to drive production efficiency and margin improvements [63] - The company anticipates significant growth opportunities in space-related programs over the next decade [67] Mission Systems and International Growth - Mission Systems is highlighted as a high-margin business and a key contributor to overall growth, although it may not receive as much attention from investors [71] - International business is expected to grow at a **double-digit CAGR** over the next several years, driven by demand for missiles and munitions [78] Investment and R&D Focus - Northrop Grumman is investing **7.5% of revenue** in R&D and capital expenditures, focusing on technologies that promise returns [89] - The leadership team is committed to executing on growth strategies and capital deployment to enhance shareholder value [89] Conclusion - Northrop Grumman's outlook remains optimistic, with a strong alignment of its portfolio to U.S. national defense strategies and international demand [84] - The company is focused on executing commitments to shareholders and customers while navigating challenges in the defense landscape [89]

Northrop Grumman Corp (NYSE:NOC) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET Company Participants Todd Ernst - Corporate Vice President, Treasurer & Vice President, Investor Relations Kathy Warden - Chairman, Chief Executive Officer & President David Keffer - Corporate Vice President & Chief Financial Officer Conference Call Participants Douglas Harned - Sanford C. Bernstein & Co. Seth Seifman - JPMorgan Chase & Co. Sheila Kahyaoglu - Jefferies Ronald Epstein - Bank of America Robert Spingarn ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 (Address of principal executive offices) (Zip Code) (703) 280-2900 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-16411 NORTHROP GRUMMAN CORPORATION (Exact name of registrant as specified in its charter) Delaware 80-064064 ...

Northrop Grumman Corp. (NYSE:NOC) Citi???s 2023 Global Industrial Tech and Mobility Conference February 22, 2023 8:50 AM ET Company Participants Kathy Warden - CEO Conference Call Participants Jason Gursky - Citi Jason Gursky Okay. I think we have started the clock. I'd like to welcome everybody back to Citi's Industrials Conference down here in Miami. My name is Jason Gursky. I'm the firm's aerospace & defense analyst. And I have the pleasure today of hosting Kathy Warden, the Chief Executive Officer of No ...

Northrop Grumman Corp. (NYSE:NOC) Cowen 44th Annual Aerospace/Defense & Industrials Conference February 15, 2023 9:15 AM ET Company Participants David Keffer - CFO Conference Call Participants Cai Von Rumohr - Cowen and Company Cai Von Rumohr We're delighted to have -- I think it's our 45th (ph) A&D conference. And as many of you know, we used to do it in New York, but we decided to move to DC, so that Mohammed (ph) can come to the mountain as opposed to vice versa. And we're delighted to kick-off with Nort ...

Northrop Grumman Corp (NYSE:NOC) Q4 2022 Earnings Conference Call January 26, 2023 9:00 AM ET Company Participants Todd Ernst - Corporate VP and Treasurer & VP, IR Kathy Warden - Chairman, CEO & President David Keffer - Corporate VP & CFO Conference Call Participants Kristine Liwag - Morgan Stanley Ronald Epstein - Bank of America Merrill Lynch Kenneth Herbert - RBC Capital Markets George Shapiro - Shapiro Research Douglas Harned - Sanford C. Bernstein & Co. Richard Safran - Seaport Research Partners Seth S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 1-16411 NORTHROP GRUMMAN CORPORATION (Exact name of registrant as specified in its charter) Delaware 80-0640649 (State or other jurisdic ...

Northrop Grumman Corp. Conference Call Summary Company Overview - **Company**: Northrop Grumman Corporation (NYSE:NOC) - **Industry**: Aerospace and Defense Key Points and Arguments Financial Performance - Reported a solid third-quarter earnings with a book-to-bill ratio of 1.14, expecting to end the year well over 1, indicating strong demand and backlog growth [5][6] - Anticipates 4% to 5% sales growth for the next year, despite facing supply chain and inflation headwinds that may pressure operating margins [5][6] Demand and Backlog - Company enters the next year with nearly $80 billion in backlog, reflecting strong demand signals from customers [5] - The demand for products and services is expected to remain strong, supported by recent national defense strategy documents [6] Supply Chain Management - Northrop Grumman is actively working with suppliers to mitigate supply chain constraints, including redesigning components when necessary [8][9] - The company has invested in its own capacity to alleviate supply shortages, particularly in the weapons business [9] Strategic Focus - The strategic direction emphasizes technology leadership, aligning investments with customer priorities, and maintaining performance and cost efficiency [15][16][17] - The company is focused on capital deployment that balances customer needs and shareholder returns, committing to return 100% of free cash flow to shareholders [49] Government Budget and Defense Spending - Operating under a continuing resolution is not ideal, but the company is confident in its funding situation for key programs [19] - There is strong bipartisan support for increased defense spending, driven by heightened awareness of national security threats [22] Product Demand and Future Opportunities - Increased demand for munitions and missile defense capabilities, with specific interest in programs like IBCS [24] - Long-term demand signals are expected to stabilize, moving away from choppy demand patterns [27] Growth Projections - Anticipates continued growth in the Space business, which is expected to become the largest segment, contributing approximately $1 billion in incremental sales [56] - The B-21 program is transitioning into low-rate production, with significant excitement surrounding its rollout [34][36] Margin and Cost Management - Expecting a 20 basis point headwind on margins due to macroeconomic factors, but focusing on supply chain management and digital transformation to enhance efficiency [42][43] - The company is halfway through a five-year digital transformation plan, which is expected to provide a competitive advantage [45] Environmental, Social, and Governance (ESG) Initiatives - Northrop Grumman is committed to aggressive environmental goals, including a target for zero greenhouse gas emissions by 2035 [61] - The company is also focused on diversity, equity, and inclusion, and supporting community initiatives [61] Additional Important Content - The company owns two foundries for chip design and fabrication, allowing for long-term support of weapon systems [13] - The management emphasizes the importance of a consistent demand signal from the government to facilitate better planning and investment in the defense sector [20][27]

Northrop Grumman Corporation (NYSE:NOC) Q3 2022 Earnings Conference Call October 27, 2022 9:00 AM ET Company Participants Todd Ernst - Treasurer & Vice President of Investor Relations Kathy Warden - Chairman, President & Chief Executive Officer Dave Keffer - Corporate Vice President & Chief Financial Officer Conference Call Participants Doug Harned - Bernstein Ronald Epstein - Bank of America Myles Walton - Wolfe Research Kristine Liwag - Morgan Stanley Rob Stallard - Vertical Research Partners Sheila Kahya ...

or UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-16411 NORTHROP GRUMMAN CORPORATION (Exact name of registrant as specified in its charter) Delaware 80-0640649 (State or other jurisdiction of incorporation or organization ...