Northrop Grumman’s second quarter operating profit jumped 16% year-on-year to $946 million, helped by strength in its Mission Systems business.
Net profits for the quarter ended 30 June rose 9% to $861 million, while revenue rose 19% to $8.5 billion, says the company.
“We had a strong second quarter fueled by new business captures, sales growth and operating performance,” said Kathy Warden, chief executive officer and president.
“Our portfolio is well aligned to our customers’ needs and we see continued demand for our products, as evidenced by our growing sales and backlog. Our continued focus on profitable growth, operational efficiency and agility is generating value for our shareholders.”
Operating profits at the company’s Aerospace Systems division edged up 1% to $361 million, with revenue rising 2% to $3.4 billion.
Northrop attributed the improvement to higher volume on manned and space programmes, which reflected an increased rate of production for the Lockheed Martin F-35, on which the company has significant workshare.
The Mission Systems division saw operating profits jump 16% to $408 million while revenues rose 9% to $3.1 billion.
“Sensors and Processing sales increased principally due to higher volume on infrared countermeasures, airborne radar and restricted programs,” says the company.
“Advanced Capabilities sales increased due to higher volume on restricted programs. Cyber and [intelligence, surveillance, and reconnaissance] sales reflect higher volume on space payloads and mission programs.”