Northrop Grumman Q1 2022

In Q1 2022 Northrop Grumman reported:

• $2.9 billion in Space Segment, a 13% increase compared to the same quarter last year. Both the Launch & Strategic Missiles and Space business contributed to the increase, driven by higher volume on Commercial Resupply Service to the International Space Station and restricted programs.
•  In 2021, Space Systems grew sales 21% from the 2020 total. Sales for the segment in 2020 were up 18% compared to 2019.
• CEO Kathy Warden said the company expects to see double-digit growth in the Space Segment again this year, and that Northrop Grumman is expecting a $2 billion award in the second quarter from United Launch Alliance (ULA) to provide GEM 63 rocket motors to support launches for Amazon’s Project Kuiper.
• First quarter 2022 operating income decreased by 5% to $261 million, due to a lower operating margin rate, partially offset by higher sales volume.
• Overall, Northrop Grumman Space Systems was the company’s only segment to see sales growth in Q1 2022. Defense Systems was down 18%, Aeronautics Systems down 10%, and Mission Systems down 4% compared to the same time period in 2021.