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Northrop Grumman Corp - Stock Quote NOC

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Morningstar's Northrop Grumman Corp Stock Analysis

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Northrop Grumman Posted a Top Line Decline But Strong Execution in Q1

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

Wide-moat Northrop Grumman posted a top line decline but strong execution in a somewhat transitional year as legacy programs roll out of the portfolio but new developments have not yet reached maturity. Sales of $8.8 billion missed FactSet consensus by 0.9% but transaction-adjusted EPS of $6.10 beat these estimates by 2.3%.  After increasing our medium-term sales expectations due to increased geopolitical tensions and our medium-term margin assumptions, we are increasing our fair value estimate to $363 per share from $329.

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Northrop Grumman Corp's Company Profile

Business Description

Northrop Grumman is a defense contractor that is diversified across short-cycle and long-cycle businesses. The firm’s segments include aeronautics, mission systems, defense services, and space systems. The company’s aerospace segment creates the fuselage for the massive F-35 program and produces various piloted and autonomous flight systems. Mission systems creates a variety of sensors and processors for defense hardware. The defense systems segment is a mix between a long-range missile manufacturer and a defense IT service provider. Finally, the company’s space systems segment produces various space structures, sensors, and satellites.

2980 Fairview Park Drive
Falls Church, VA, 22042
T +1 703 280-2900
Sector Industrials
Industry Aerospace & Defense
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 88,000

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