Northrop Grumman reported fourth quarter 2022 sales increased 16 percent to $10 billion, as compared with $8.6 billion in the fourth quarter of 2021.
Sales increased 3 percent to $36.6 billion in 2022, as compared with $35.7 billion in 2021.
Fourth quarter 2022 sales reflect strong demand, the timing of material receipts and continued improvement in labor availability trends. Fourth quarter 2022 net earnings were $2.1 billion, including a $922 million after-tax mark-to[1]market pension and OPB (“MTM”) benefit.
Fourth quarter 2022 transaction-adjusted net earnings1 were $1.2 billion, or $7.50 per diluted share. 2022 net earnings were $4.9 billion, or $31.47 per diluted share, and include the noted MTM benefit. 2022 transaction-adjusted net earnings1 were $4 billion, or $25.54 per diluted share, and reflect an $85 million, or $0.55 per diluted share, reduction for negative returns on marketable securities related to our non-qualified benefit plans and other non-operating assets.
“The Northrop Grumman team continues to deliver strong financial and operating performance, further positioning our company for near and long-term growth. Weíre providing differentiated solutions for our customersí highest priority missions, driving a strong global demand signal for our products and maintaining a healthy backlog,” said Kathy Warden, chair, chief executive officer and president. “Given our proven ability to competitively win, hire and perform, weíre raising our sales outlook for 2023 and expect to deliver strong multi-year cash flow growth. We are focused on executing our strategy, investing in the capabilities and capacity our customers need, and returning a significant portion of our growing cash flows to our shareholders.”