諾斯羅普·格魯曼公司（NYSE:NOC）報告稱，第四季度銷售額爲106.86億美元，同比持平，未達到市場預期的110.1億美元。 調整後的每股收益爲6.39美元，高於市場預期的6.35美元。 各部門銷售額：航空系統32.2億美元（同比增加11%），防禦系統23.3億美元（同比增加5%），任務系統31.44億美元（同比增加3%），太空系統27.1億美元（同比下降13%）。 太空系統銷售額下降是由於受限空間和NGI項目收尾帶來的2.31億美元減少所致。 該季度的部門營業收入爲11.93億美元，較去年同期的虧損3.83億美元有所恢復。 利潤率提高至11.2%，而去年同期爲-3.6%。 總營業利潤率擴大到10.2%，較2023年第四季度的-3.7%有所上升。 諾斯羅普·格魯曼公司第四季度淨訂單總額爲173億美元，積壓訂單達到915億美元。 運營現金流增加了6%，自由現金流增加了8%，得益於營運資金的改善。 2024年全年的運營現金流增長了13%，自由現金流增長了25%，受到稅收減少和收益增加的支持。 董事長、首席執行官兼總裁凱西·瓦登表示：“我們的財務業績和新的紀錄積壓訂單反映了我們產品的相關性和我們工作的重要性。在過去的五年裏，我們的銷售額有機增長了30%，2024年我們的自由現金流增長了25%。我們的指引預期持續的頂線增長、利潤率擴展和兩位數的現金流增長。” 2025財年展望： 諾斯羅普·格魯曼現在預計銷售額在420億到425億美元之間，低於市場預期的428億美元。 公司預測調整後的每股收益爲27.85-28.25美元，而市場預期爲28.05美元。 公司預計2025年部門營業收入爲46.5億至48億美元，調整後的自由現金流爲28.5億至32.5億美元。 2025年，航空系統預計銷售額在130億美元低位，防禦系統預計銷售額在80億美元低位，任務系統預計銷售額約爲120億美元，太空系統預計銷售額約爲110億美元。內部消除預計約爲-21億美元。 NOC股票在週四的最後檢查中下跌了1.43%，至474.63美元。

以上內容來自Benzinga Earnings專欄，原文如下：

Northrop Grumman Corp (NYSE:NOC) reported fourth-quarter sales that were flat year over year at $10.686 billion, missing the consensus of $11.01 billion.

MTM-adjusted earnings per share were $6.39, beating the consensus of $6.35.

Sales by segments: Aeronautics Systems $3.22 billion (+11% Y/Y), Defense Systems $2.33 billion (+5% Y/Y), Mission Systems $3.144 billion (+3% Y/Y), and Space Systems $2.71 billion (-13% Y/Y).

The decline in Space Systems sales was driven by a $231 million decrease due to restricted space and NGI program wind-downs.

Segment operating income for the quarter was $1.193 billion, recovering from an operating loss of $383 million a year ago. The margin improved to 11.2%, up from (3.6%) a year ago.

Total operating margin expanded to 10.2%, compared to (3.7%) in the fourth quarter of 2023. NOC's fourth-quarter net awards totaled $17.3 billion, and its backlog reached $91.5 billion.

Operating cash flow rose by 6%, and free cash flow grew by 8%, driven by improved working capital. Full-year 2024 operating cash flow increased by 13%, with free cash flow up by 25%, supported by lower tax payments and higher earnings.

"Our financial results and new record backlog reflect the relevance of our products and the importance of our work. Over the last five years our sales have grown 30% organically and our free cash flow expanded 25% in 2024. Our guidance anticipates continued top line growth, margin expansion, and double digit cash flow growth," said Kathy Warden, chair, chief executive officer, and president.

Fiscal 2025 Outlook: Northrop Grumman now expects sales of $42 billion-$42.5 billion versus the consensus of $42.80 billion.

The company sees MTM-adjusted EPS of $27.85 — $28.25 versus consensus of $28.05.

It sees Segment operating income of $4.65 billion—$4.800 billion and adjusted free cash flow of $2.85 billion—$3.25 billion for 2025.

For 2025, Aeronautics Systems expects sales in the low $13 billion range, Defense Systems projects sales in the low $8 billion range, Mission Systems anticipates ~$12 billion in sales, and Space Systems forecasts ~$11 billion in sales. Intersegment eliminations are estimated at ~($2.1 billion).

Price Action: NOC shares traded lower by 1.43% at $474.63 at the last check on Thursday.