AI English summary of an SEC filing — figures as filed
Northrop Grumman NOCThe company said segment operating income for 2023 decreased $1.5 billion, or 35%, and segment operating margin rate fell to 7.0%. It cited the B-21 charge at Aeronautics Systems as the main factor.
Key points
AI summaryThe company said segment operating income for 2023 decreased $1.5 billion, or 35%, and segment operating margin rate fell to 7.0%. It cited the B-21 charge at Aeronautics Systems as the main factor.
Aeronautics Systems operating income for 2023 fell $1.6 billion, and operating margin rate dropped to (4.4)%, the company said. It cited the $1.56 billion charge on the B-21 LRIP phase, which includes a $143 million unfavorable EAC adjustment for the first LRIP lot.
The company said net awards for 2023 totaled $44.8 billion, including $15.5 billion for restricted programs and $2.1 billion for F-35 programs. It also said it received a termination for convenience in its restricted Space business in January 2024 and expects to reduce backlog by about $2 billion in Q1 2024 related to the termination.
Northrop Grumman said cash provided by operating activities for 2023 rose $974 million, or 34%, and adjusted free cash flow increased $479 million, or 30%. The company cited improved trade working capital from higher billings and cash collections as the driver of the higher operating cash flow.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $39.3B
- Operating income
- $2.5B
- Net income
- $2.1B
- EPS
- $13.53
- Operating cash flow
- $3.9B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
2023 segment operating income and B-21 charge
The company said segment operating income for 2023 decreased $1.5 billion, or 35%, and segment operating margin rate fell to 7.0%. It cited the B-21 charge at Aeronautics Systems as the main factor.
Source · Based on the MD&A text of the filing
Aeronautics Systems B-21 LRIP charge
Aeronautics Systems operating income for 2023 fell $1.6 billion, and operating margin rate dropped to (4.4)%, the company said. It cited the $1.56 billion charge on the B-21 LRIP phase, which includes a $143 million unfavorable EAC adjustment for the first LRIP lot.
Source · Based on the MD&A text of the filing
2023 net awards and backlog termination
The company said net awards for 2023 totaled $44.8 billion, including $15.5 billion for restricted programs and $2.1 billion for F-35 programs. It also said it received a termination for convenience in its restricted Space business in January 2024 and expects to reduce backlog by about $2 billion in Q1 2024 related to the termination.
Source · Based on the MD&A text of the filing
2023 operating cash flow and adjusted free cash flow
Northrop Grumman said cash provided by operating activities for 2023 rose $974 million, or 34%, and adjusted free cash flow increased $479 million, or 30%. The company cited improved trade working capital from higher billings and cash collections as the driver of the higher operating cash flow.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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