Image: Boeing Space
Yesterday, Boeing (NYSE:BA) and General Dynamics (NYSE:GD) reported Q1 earnings, while Northrop Grumman’s (NYSE:NOC) results crossed the wire this morning. Space highlights below.
$BA
- Total revenue was $13.9B, down 8.1% YoY.
- Boeing Defense, Space, & Security (DSS) revenue was $5.4B (-23.7% YoY)
- DSS recorded a net loss of $929M vs. $405M last year
- DSS’s Q1 operating margin of -16.9% (vs. 5.6% last year) was primarily attributable to lower volume and contract changes for aircraft.
- DSS’s backlog stands at ~$60B.
$GD
- Total revenue: $9.4B (unchanged YoY)
- Aerospace revenue: $1.9B (+0.8% YoY)
- Aerospace operating earnings were $243M, up ~11% YoY
- Operating margins at the segment were 12.8%, up from 11.7% in Q1 2021
$NOC
- Total sales were $8.8B (-2% YoY)
- Space systems sales were ~$2.9B, +13% YoY
- Operating income at the space systems segment dropped 5% YoY to $261M
