Northrop Grumman Corp (NYSE:NOC) Q4 2022 Earnings Conference Call January 26, 2023 9:00 AM ET Company Participants Todd Ernst - Corporate VP and Treasurer & VP, IR Kathy Warden - Chairman, CEO & President David Keffer - Corporate VP & CFO Conference Call Participants Kristine Liwag - Morgan Stanley Ronald Epstein - Bank of America Merrill Lynch Kenneth Herbert - RBC Capital Markets George Shapiro - Shapiro Research Douglas Harned - Sanford C. Bernstein & Co. Richard Safran - Seaport Research Partners Seth S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 1-16411 NORTHROP GRUMMAN CORPORATION (Exact name of registrant as specified in its charter) Delaware 80-0640649 (State or other jurisdic ...

Northrop Grumman Corp. Conference Call Summary Company Overview - **Company**: Northrop Grumman Corporation (NYSE:NOC) - **Industry**: Aerospace and Defense Key Points and Arguments Financial Performance - Reported a solid third-quarter earnings with a book-to-bill ratio of 1.14, expecting to end the year well over 1, indicating strong demand and backlog growth [5][6] - Anticipates 4% to 5% sales growth for the next year, despite facing supply chain and inflation headwinds that may pressure operating margins [5][6] Demand and Backlog - Company enters the next year with nearly $80 billion in backlog, reflecting strong demand signals from customers [5] - The demand for products and services is expected to remain strong, supported by recent national defense strategy documents [6] Supply Chain Management - Northrop Grumman is actively working with suppliers to mitigate supply chain constraints, including redesigning components when necessary [8][9] - The company has invested in its own capacity to alleviate supply shortages, particularly in the weapons business [9] Strategic Focus - The strategic direction emphasizes technology leadership, aligning investments with customer priorities, and maintaining performance and cost efficiency [15][16][17] - The company is focused on capital deployment that balances customer needs and shareholder returns, committing to return 100% of free cash flow to shareholders [49] Government Budget and Defense Spending - Operating under a continuing resolution is not ideal, but the company is confident in its funding situation for key programs [19] - There is strong bipartisan support for increased defense spending, driven by heightened awareness of national security threats [22] Product Demand and Future Opportunities - Increased demand for munitions and missile defense capabilities, with specific interest in programs like IBCS [24] - Long-term demand signals are expected to stabilize, moving away from choppy demand patterns [27] Growth Projections - Anticipates continued growth in the Space business, which is expected to become the largest segment, contributing approximately $1 billion in incremental sales [56] - The B-21 program is transitioning into low-rate production, with significant excitement surrounding its rollout [34][36] Margin and Cost Management - Expecting a 20 basis point headwind on margins due to macroeconomic factors, but focusing on supply chain management and digital transformation to enhance efficiency [42][43] - The company is halfway through a five-year digital transformation plan, which is expected to provide a competitive advantage [45] Environmental, Social, and Governance (ESG) Initiatives - Northrop Grumman is committed to aggressive environmental goals, including a target for zero greenhouse gas emissions by 2035 [61] - The company is also focused on diversity, equity, and inclusion, and supporting community initiatives [61] Additional Important Content - The company owns two foundries for chip design and fabrication, allowing for long-term support of weapon systems [13] - The management emphasizes the importance of a consistent demand signal from the government to facilitate better planning and investment in the defense sector [20][27]

Northrop Grumman Corporation (NYSE:NOC) Q3 2022 Earnings Conference Call October 27, 2022 9:00 AM ET Company Participants Todd Ernst - Treasurer & Vice President of Investor Relations Kathy Warden - Chairman, President & Chief Executive Officer Dave Keffer - Corporate Vice President & Chief Financial Officer Conference Call Participants Doug Harned - Bernstein Ronald Epstein - Bank of America Myles Walton - Wolfe Research Kristine Liwag - Morgan Stanley Rob Stallard - Vertical Research Partners Sheila Kahya ...

or UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-16411 NORTHROP GRUMMAN CORPORATION (Exact name of registrant as specified in its charter) Delaware 80-0640649 (State or other jurisdiction of incorporation or organization ...

Northrop Grumman Corp. (NYSE:NOC) Q2 2022 Earnings Conference Call July 28, 2022 9:00 AM ET Company Participants Todd Ernst - Treasurer & Vice President of Investor Relations Kathy Warden - Chairman, Chief Executive Officer & President Dave Keffer - Chief Financial Officer Conference Call Participants Mariana Perez - Bank of America Richard Safran - Seaport Research Doug Harned - Bernstein Cai von Rumohr - Cowen Kristine Liwag - Morgan Stanley Robert Stallard - Vertical Research Sheila Kahyaoglu - Jefferies ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-16411 NORTHROP GRUMMAN CORPORATION (Exact name of registrant as specified in its charter) Delaware 80-0640649 (State or other jurisdiction of incorporation or organization) 298 ...

Northrop Grumman Corporation. (NYSE:NOC) Jefferies Virtual ESG Summit June 14, 2022 10:00 AM ET Company Participants Todd Ernst - Corporate VP, Treasurer and Investor Relations Mike Witt - Vice-President and Chief Sustainability Officer Conference Call Participants Sheila Kahyaoglu - Jefferies aerospace and defense analyst Sheila Kahyaoglu Good morning everyone. This is Sheila Kahyaoglu with the Jefferies aerospace, defense and airlines equity research team and thank you for joining us for our first ever ou ...

Northrop Grumman Corporation Conference Call Summary Company Overview - **Company**: Northrop Grumman Corporation (NYSE:NOC) - **Event**: Bernstein 38th Annual Strategic Decisions Conference - **Date**: June 02, 2022 - **Participants**: - Kathy Warden - Chairman, CEO and President - Dave Keffer - Corporate VP and CFO Key Industry Insights Defense Industry Context - The company expresses support for U.S. and allied efforts in response to the humanitarian crisis in Ukraine, emphasizing its role as a defense contractor [4][5] - The current geopolitical climate has heightened the importance of defense capabilities, particularly in high-end conflict scenarios [10] Strategic Focus Areas 1. **Technology Leadership**: Northrop Grumman aims to provide innovative and affordable technology solutions to meet customer needs [5] 2. **Customer Alignment**: The company focuses on aligning with customers' highest priority missions to drive profitable growth [5] 3. **Program Performance**: Emphasis on delivering margin performance and cost efficiencies [6] 4. **Capital Deployment**: Commitment to investing in business growth while returning cash to shareholders, including a $1.5 billion share repurchase plan and a 10% dividend increase [8] Financial Performance and Projections - **Growth Outlook**: Projecting low single-digit growth for the current year, with expectations for acceleration into 2023 [6] - **Operating Margins**: Anticipating an operating margin of 11.8% for the current year, with a target of 12% by 2024 [7] - **Free Cash Flow**: Expecting a double-digit compound annual growth rate in free cash flow by 2024, with plans to return 100% of free cash flow to shareholders [8] Program-Specific Insights B-21 Program - The B-21 program is on track for its first flight in early 2023, with the company maintaining that it is ahead of the acquisition program baseline [14][18] - Production is expected to ramp up following the first flight milestone, with advanced procurement already in progress [18] Ground Based Strategic Deterrent (GBSD) - The GBSD program is projected to grow, with an expected increase of $0.5 billion in sales year-over-year [27] - The program is anticipated to plateau before returning to growth as it transitions into production around 2025 [27] Space Segment - The space business is identified as the fastest-growing segment, with a backlog three times larger than current sales [10] - Significant contracts include a $2 billion award for Amazon Kuiper launches and various government programs [33] Market Opportunities European Defense Spending - Increased defense budgets from European allies are expected to create long-term growth opportunities, particularly in weapons systems and mission systems [12][60] - The company is positioning itself to capture international growth, especially in Asia and Europe, while balancing domestic opportunities [59][61] Hypersonics - Northrop Grumman is involved in multiple hypersonic programs, focusing on both offensive and defensive capabilities [45][49] - The company sees potential for growth in hypersonic defense, which is viewed as a critical market need [49] ESG and Sustainability - Northrop Grumman is committed to reducing its environmental footprint, aiming for net-zero operations by 2035 [64] - The company is actively managing its portfolio to ensure responsible sales practices, including divesting from certain businesses [64] Challenges and Future Focus - The company is focused on talent acquisition and retention to support growth in a competitive labor market [68] - A digital transformation initiative is underway to enhance operational efficiency and product delivery by 2025 [68] Conclusion - Northrop Grumman is strategically positioned to capitalize on growth opportunities in the defense sector, particularly in response to geopolitical tensions and increasing defense budgets. The company is committed to innovation, shareholder returns, and sustainable practices while navigating challenges in talent acquisition and program execution.

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------|-------|--------------------------------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | NORTHROP GRUMMAN First Quarter 2022 Conference Call April 28, 2022 | | | | | | Kathy Warden Chair, Chief Executive Officer and President | | Dave Keffer Corporate Vice President and Chief Financial Officer | | | Forward-Looking Statements This presentation and the information ...