DoD Buzz: Northrop Sees Good Times Ahead for Big Defense Firms
Northrop Grumman Corp., which won the contract last year to build the new B-21 “Raider” bomber for the Air Force, reported solid sales and profits in its latest quarterly earnings report and predicted more growth opportunities in its defense forecast as the Pentagon rebuilds.
In a report last week and in a conference call with analysts, Northrop CEO and President Wes Bush said the firm would be a major player in the current competition with Boeing Co. and Lockheed Martin Corp. to build what the Air Force is now calling the Ground Based Strategic Deterrent to replace the Minuteman III Intercontinental Ballistic Missiles.
In the third-quarter, Northrop reported sales of $6.2 billion, a 3-percent increase over third quarter 2015, while earnings rose to $602 million from $516 million, Reuters reported. “Our third quarter results demonstrate that we continue to build a strong foundation for profitable growth over the long term,” Bush said.
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