Northrop reports improved sales, profit

By Marjorie Censer / April 29, 2021 at 10:19 AM

Northrop Grumman said today sales in its most recent quarter totaled $9.2 billion, up 6% from the same three-month period a year earlier.

The contractor's quarterly profit reached $2.2 billion, up 153% from the prior year.

Northrop noted the sale of its IT services business boosted its profit. If the transaction were excluded, profit grew by 24%, according to the company.

Northrop said its space systems unit reported the largest growth levels; the business saw quarterly sales jump 29% and quarterly profit increase by 37%.

"We see space continuing to grow faster than other parts of the market," Kathy Warden, Northrop's chief executive, told analysts today. She added the company sees potential to "take share there."

Meanwhile, Textron reported today its Bell business posted quarterly sales of $846 million, up about 3% from the prior year. The company attributed the gains to higher commercial sales.

However, the unit said profit declined about 9%, "primarily due to an unfavorable impact from performance reflecting higher research and development costs in the quarter, largely related to the future vertical lift programs."

The company's Textron Systems business reported quarterly sales were flat at $328 million.