Northrop Grumman lifts 2023 revenue outlook on weapons demand
© Reuters. File photo: Northrop Grumman unveils the B-21 Raider, a new high-tech stealth bomber developed for the U.S. Air Force, during an event in Palmdale, California, U.S., December 2, 2022. REUTERS/David Swanson/File photo) on Thursday raised its annual revenue target for the second time this year after reporting a jump in third-quarter revenue and profit helped by strong weapons demand.
Northrop's award volume in the reported quarter was $15 billion and the book-to-bill ratio, a comparison of orders received to units shipped and billed, was 1.53 to 1. Ramp up of development programs, primarily the Ground-Based Strategic Deterrent , which aims to replace the aging ICBM system and its nuclear cruise missiles boosted sales at Northrop's Space Systems division by 11% to $3.51 billion.
Northrop now expects 2023 revenue to be $39 billion, from its earlier projected range between $38.4 billion and $38.8 billion.