Boeing, General Dynamics, and Northrop Grumman Report Q1 Results

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