FALLS CHURCH, Va. - Northrop Grumman Corporation (NYSE: NOC) reported third quarter 2023 sales increased 9 percent to $9.8 billion, as compared with $9.0 billion in the third quarter of 2022.

* Net awards of $15 billion; book to bill of 1.53

* Total backlog rises to record $84 billion

* Sales increased 9 percent to $9.8 billion

* Operating income increased 20 percent; segment operating income1 increased 8 percent

* Diluted earnings per share of $6.18

* Operating cash flow of $1.2 billion

* Company increases 2023 sales guidance by $400 million to ~$39 billion

* Company reaffirms diluted EPS and free cash flow(1) guidance

Third quarter 2023 sales reflect continued strong demand for our products and services. Third quarter 2023 net earnings totaled $937 million, or $6.18 per

diluted share, as compared with $915 million, or $5.89 per diluted share, in the third quarter of 2022. Net earnings were reduced by $156 million, or $1.00 per diluted share, as a result of lower net FAS/CAS pension income, and net earnings were increased by $67 million, or $0.44 per diluted share, as a result of the sale of a minority interest in an Australian business.

'We had another strong quarter with solid performance on our programs, a new record backlog, and growth across all four of our businesses,' said Kathy Warden, chair, chief executive officer and president. 'Based on our year-to-date results and increasing demand for our products, we are raising our 2023 sales guidance. We are also providing an initial 2024 outlook hat reflects our expectation for solid revenue, operating income and free cash flow growth.'

See full release at: https://investor.northropgrumman.com/static-files/f523f90a-da25-4172-badf-ba988e45cecd

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