2024-01-25 12:33:04 ET
Northrop Grumman Corporation. (NOC)
Q4 2023 Earnings Conference Call
January 25, 2024, 09.00 AM ET
Company Participants
Todd Ernst - Vice President, Investor Relations
Kathy Warden - Chair, CEO and President
Dave Keffer - CFO
Conference Call Participants
Kristine Liwag - Morgan Stanley
Richard Safran - Seaport Global
Ronald Epstein - Bank of America
Douglas Harned - Bernstein
Sheila Kahyaoglu - Jefferies
Seth Seifman - JPMorgan
Cai von Rumohr - TD Cowen
Gavin Parsons - UBS
Scott Deuschle - Deutsche Bank
Kenneth Herbert - RBC Capital Markets
Myles Walton - Wolfe Research
Robert Spingarn - Melius Research
George Shapiro - Shapiro Research
Jason Gursky - Citi
Presentation
Operator
Good day, ladies and gentlemen. Welcome to Northrop Grumman's Fourth Quarter and Year-End 2023 Conference Call. Today's call is being recorded. My name is Josh, and I will be your operator today. [Operator Instructions] I would now like to turn the call over to your host, Mr. Todd Ernst, Vice President, Investor Relations. Mr. Ernst, please proceed.
Todd Ernst
Thanks, Josh. Good morning and welcome to Northrop Grumman's Fourth Quarter 2023 Conference Call. This morning, we'll refer to a presentation that is posted to our IR website. Before we get started, matters discussed on today's call, including guidance and outlooks for 2024 and beyond reflect the company's judgment based on information available at the time of this call. They constitute forward-looking statements pursuant to safe harbor provisions of federal securities laws. Forward-looking statements involve risks and uncertainties, including those noted in today's press release and our SEC filings. These risks and uncertainties may cause actual company results to differ materially.
Today's call will include non-GAAP financial measures that are reconciled to our GAAP results in our earnings release. And on the call today are Kathy Warden, our Chair, CEO and President; and Dave Keffer, our CFO.
At this time, I'd like to turn the call over to Kathy. Kathy?
Kathy Warden
Thanks Todd. Good morning everyone and thank you for joining us. Before discussing our 2023 results, I wanted to take a moment to thank our team for their hard work and dedication to our important mission. Our talented workforce which is now over a 100,000 strong continues to deliver some of the most advanced technologies in the world. These capabilities are used by our customer’s everyday to defend freedom and deter aggression around the globe.
The geopolitical landscape has grown even more complex driving continued increases in global security spending. Our strategies has positioned us well to compete and win in this growing market which has translated into accelerating topline growth for Northrop Grumman.
Revenue increased by over 7% in 2023 [indiscernible] more than a billion above the midpoint of our original 2023 guidance. In addition, our book-to-bill for the year was 1.14 times, that’s in line with our exceptional four year average. As a result of this award strength, we achieved a new record backlog which now exceeds $84 billion and now provides a healthy foundation for our continued growth....
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Northrop Grumman Corporation. (NOC) Q4 2023 Earnings Call Transcript