FALLS CHURCH, Va. - Northrop Grumman Corporation (NYSE: NOC) reported first quarter 2023 sales increased 6 percent to $9.3 billion, as compared with $8.8 billion in the first quarter of 2022.

* Sales increased 6 percent to $9.3 billion

* Operating income increased 6 percent to $947 million

* Diluted earnings per share of $5.50

* $1.0 billion returned to shareholders through dividends and share repurchases

* EPS guidance increased $0.40

* ? Reaffirming 2023 guidance for sales, operating income, and adjusted free cash flow1

* based on the strength of Q1 performance and full year outlook

* ? Expect gain on sale of minority investment in an international business later this year

First quarter 2023 sales reflect continued strong demand. First quarter 2023 net earnings totaled $842 million, or $5.50 per diluted share, as compared with $955 million, or $6.10 per diluted share, in the first quarter of 2022. Net earnings were reduced by $164 million, or $1.04 per diluted share, as a result of lower net FAS/CAS pension income.

'Our first quarter results reflect continued strong demand across our broad portfolio of products and services,' said Kathy Warden, chair, chief executive officer and president. 'Our sales and operating income both increased by six percent in the first quarter, and based on our strong start to the year, we remain confident in our full year and long term outlook for the business. We continue to make significant investments in capability and capacity to support our global customers, while also returning $1 billion to shareholders in the quarter, as part of our capital deployment strategy.'

See more at: https://investor.northropgrumman.com/static-files/571d3309-f975-49fb-8607-c48d9e3f9b68

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