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Northrop Grumman Corporation (NOC-1.15%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total sales of $41.0 billion, an increase from $39.3 billion in the previous year. This growth was driven by higher sales in the Aeronautics Systems and Mission Systems segments.
Operating income for the year was $4.4 billion, up from $2.5 billion in the previous year. This increase was primarily due to improved performance in the Aeronautics Systems segment, which had previously reported a significant charge related to the B-21 program.
The company reported net earnings of $4.2 billion for the year, compared to $2.1 billion in the previous year. The increase in net earnings was influenced by higher operating income and a favorable mark-to-market pension adjustment.
Northrop Grumman's backlog at the end of 2024 was $91.5 billion, compared to $84.2 billion at the end of 2023. This increase was driven by new awards in restricted programs and the Aeronautics Systems segment.
The company ended the year with $4.4 billion in cash and cash equivalents, and it expects its cash position, along with cash generated from operations, to be sufficient to meet its liquidity needs.
Northrop Grumman continues to focus on its core areas of space systems, military aircraft, and missile defense, with significant investments in research and development to support future growth.
The filing also outlines various risk factors, including dependence on U.S. government contracts, competition in the defense industry, and potential impacts from changes in government spending priorities.
The company has identified certain environmental and legal proceedings, including ongoing remediation efforts at the Bethpage site in New York, which could impact future financial results.
Northrop Grumman's board of directors authorized a new $3.0 billion share repurchase program in December 2024, following the completion of previous repurchase programs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Northrop Grumman Corporation annual 10-K report dated January 30, 2025. To report an error, please email earnings@qz.com.