NORTHROP GRUMMAN CORP DE
For the period ended Mar 31, 2024. Filed Apr 25, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 25, 2024
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Product and Service Analysis
The following table presents product and service sales and operating costs and expenses by segment:
| Three Months Ended March 31 | ||||
|---|---|---|---|---|
| $ in millions | 2024 | 2023 | ||
| Segment Information: | Sales | Operating Costs and Expenses | Sales | Operating Costs and Expenses |
| Aeronautics Systems | ||||
| Product | $2,258 | $2,035 | $1,907 | $1,740 |
| Service | 652 | 583 | 543 | 480 |
| Intersegment eliminations | 59 | 54 | 65 | 58 |
| Total Aeronautics Systems | 2,969 | 2,672 | 2,515 | 2,278 |
| Defense Systems | ||||
| Product | 772 | 675 | 678 | 598 |
| Service | 441 | 387 | 529 | 468 |
| Intersegment eliminations | 199 | 173 | 169 | 150 |
| Total Defense Systems | 1,412 | 1,235 | 1,376 | 1,216 |
| Mission Systems | ||||
| Product | 1,861 | 1,605 | 1,815 | 1,563 |
| Service | 521 | 446 | 511 | 441 |
| Intersegment eliminations | 277 | 230 | 237 | 199 |
| Total Mission Systems | 2,659 | 2,281 | 2,563 | 2,203 |
| Space Systems | ||||
| Product | 3,211 | 2,928 | 2,871 | 2,609 |
| Service | 417 | 370 | 447 | 400 |
| Intersegment eliminations | 27 | 25 | 32 | 28 |
| Total Space Systems | 3,655 | 3,323 | 3,350 | 3,037 |
| Segment Totals | ||||
| Total Product | $8,102 | $7,243 | $7,271 | $6,510 |
| Total Service | 2,031 | 1,786 | 2,030 | 1,789 |
| Total Segment(1) | $10,133 | $9,029 | $9,301 | $8,299 |
(1)A reconciliation of segment operating income to total operating income is included in “Segment Operating Results.”
Product Sales and Costs
First quarter 2024 product sales increased $831 million, or 11 percent, primarily due to an increase in product sales at all four sectors. The increase was principally driven by higher volume on restricted programs, F-35 and E-2 at Aeronautics Systems, growth on SDA T2TL and restricted programs at Space Systems, higher volume on the SiAW and GMLRS programs at Defense Systems, and higher restricted sales at Mission Systems.
First quarter 2024 product costs increased $733 million, or 11 percent, consistent with the higher product sales described above.
Service Sales and Costs
First quarter 2024 service sales were comparable to the prior year period and reflect an increase in service sales at Aeronautics Systems driven by higher volume on restricted programs and the Global Hawk program, partially offset by a decrease in service sales at Defense Systems principally due to the completion of an international training program.
First quarter 2024 service costs were comparable to the prior year period, consistent with the service sales described above.
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