Thank you for joining us. In the supply chain, where the environment has remained challenging with various delays and disruptions, we project that those challenges will continue throughout 2023. With an operational range of 80km and a cruise speed of 120km/h, its been developed to suit a range of deployments in urban areas and beyond. This is consistent with our historical pattern of collections and disbursements. In December 2004, Raytheon began deliveries of Standard MissileSM-3. Taking a step back for a moment from the quarter, I'd like to start with an update on the global security environment. On the supply chain stuff that's been impacting the whole industry. And our next question comes from the line of Kristine Liwag with Morgan Stanley. But if they were to get worse, we certainly would have some downside risk. Good morning, everyone. And then just a quick follow-up for Kathy on the B-21. Meanwhile, tensions between the United States and China have risen over the sovereignty of Taiwan. Northrop Grumman's business sectors offer an extraordinary portfolio of capabilities and technologies that enable us to deliver innovative systems and solutions for applications that range from air, cyber, land, sea and space. Thank you. This data-sharing agreement enhances our partnership with the Air Force and further demonstrates our digital maturity on the program. And because we're in an active competition, I won't speak too much about our approach. The green IT services market was valued at US$ 12.46 Bn in 2021 and is forecast to reach a value of US$ 34.83 Bn by 2030 at a CAGR of 12.4% between 2022 and 2030. We're just trying to figure out, what sort of normal would be and how much is being held back? In November 2019, separated from Northrop Grumman in 2011, Huntington Ingalls Industries (HII) laid and authenticated the keel of USS Jack H Lucas (DDG 125), the first Flight III Arleigh Burke-class destroyer. For '23, that's intact, for '24 as well. OK. And maybe just a follow-up. But safe to say, we are still on the mindset of returning 100% of our free cash flow to shareholders. Marcelo Rajchman, Ecocopters corporate CEO, said: With already 20 years of experience operating helicopters and 5 years operating drones, this partnership is a natural step for us. Can you give us some of the puts and takes in the business with supply chain? Under SCIFiRE, the USAF awarded a 15-month HACM preliminary design contract to Boeing, Lockheed Martin and Raytheon Technologies. The defence industry's most comprehensive news and information delivered every month. Software Solutions for Improved Efficiency in Airforce Operations, Thank you for subscribing to Airforce Technology, The leading site for news and procurement in the military aerospace industry, Receive our newsletter - data, insights and analysis delivered to you. Or how are you thinking about that? Airbus announced the construction of a dedicated center to test the aircrafts systems in the lead up to its maiden flight. Within our earnings outlook, we're accounting for continued year-to-date pressure on our marketable securities portfolio, offset by an anticipated federal tax rate benefit in Q4. And one moment for our next question. Turning to earnings per share. Is DoD doing anything to help the industry? And so we'd anticipate what I'd characterize as a continuation of the lower net EAC trend in '23 based on what we know today. USS Momsen (DDG 92) was the first vessel to be fitted with the AN / WLD-1 RMS, which will feature on all subsequent vessels. And sales for the Raytheon Intelligence & Space segment slid 3% as Raytheon divested its Global Training and Services business. Also called the Southern Cross Integrated Flight Research Experiment (SCIFiRE), the two countries entered this agreement in 2020 to develop HACM prototypes. We now stand ready to transition to an Engineering and Manufacturing Development program and bring this engine to the field with the F-35 before the end of this decade. And this year, I would point to our 2022 original guidance which was our expectations with either minimal or no supply chain disruption, because when we put that plan together late last year, we were not anticipating the level of supply chain disruption nor the duration of supply chain disruption that we've experienced. Nulka was developed by the Australian Defence Science and Technology Organisation in Canberra and Lockheed Martin Sippican in Massachusetts, US. The foundation for our strong financial performance starts with the continued demand we're seeing for our products. This article is a transcript of this conference call produced for The Motley Fool. Dave, I'm going to start with you. I mean, otherwise, why wouldn't the margin be similar to the high 11% like you're seeing this year? And we're doing our part by investing in solutions and capacity to address many of our customers' most pressing needs. ", Following competition, awarded one of two AETP contracts, June 2016, Detailed design completed with U.S. Air Force, February 2019, Initiation of testing on the world's first flight-weight, three-stream adaptive cycle engine, most heavily instrumented engine test in GE and U.S. Air Force history in Evendale, Ohio, December 2020, Initiation of second engine testing in Evendale, Ohio, August 2021, Beginning of first tests of an AETP engine at AEDC, March 2022, Completion of AETP testing and data collection at AEDC, August 2022, "This engine isn't a concept, proposal, or research program. Their combined efforts enable both companies to produce air-breathing hypersonic weapons, the next generation of tactical missile systems. And we're also seeing interest from global customers including the Australian Defense Force where we recently demonstrated a product solution with robust C2 functionality to link sensors and effectors across domains. The stock's relative strength hit new highs ahead of results. Australia will also provide test infrastructure for HACMs initial all-up-round flight tests, as its contribution to the SCIFiRE agreement. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. But on the income tax line, we've lowered our effective rate expectation from 17% to 15.5%, reflecting progress in resolving matters related to historical filings in one of our businesses. "The HACM creates a new class of strategically important weapons for the U.S. military," said Mary Petryszyn, corporate vice president and president, Northrop Grumman Defense Systems. Got it. Northrop Grumman in the UK brings modern software development approaches and blends these with a rich heritage and experience in the defence and security sectors. Your line is open. The remaining piece is share repurchase which I know was the core part of your question and this year, we are on track for $1.5 billion of share repurchase. But those are offset by retirements of legacy platforms that we sustain out of the defense systems sector. In terms of cash, we generated outstanding operational cash flows in the third quarter of over $1.3 billion and we expect Q4 to be even better. Doug Harned -- AllianceBernstein -- Analyst. But as you know, we have used ASRs in the past and we have looked at share repurchase and we'll continue to do that on a regular basis and keep you apprised of any change in our plan. It's the best thing for our shareholders in the long-term, we believe, as well as our customers who need this capability and capacity that we're delivering. It's also long-term program, as you suggest. And whether as you look beyond '23, F-35 stabilizes or maybe even begins to grow again? In December 2018, the US Navy awarded a contract modification to BIW to construct an additional Arleigh Burke-class destroyer. The XA100's improved fuel efficiency provides a significant reduction in carbon emissions and will operate on any U.S. Air Force-approved Sustainable Aviation Fuel. You mentioned that you expect supply chain issues to persist into 2023. I think they and we would agree that we need to continue to do more, particularly for medium and small businesses, who find themselves lower in the supply chain and even in circumstances where primes may have a cost-plus contract. Good morning. Northrop Grumman Space Systems is an industry leading provider of end to end space and launch systems and capabilities serving national security, civil and commercial customers. The planned procurement would take the number of ships in the DDG 51 class to 85. Your line is open. This year, we expect to invest over $2.5 billion in capex and research and development. This position provides high-level strategic planning, analytical support, and decision-making coordination to advance the mission and positioning of Northrop Grumman. Airbus is also working closely with industrial and institutional partners to lead the development of urban air mobility ecosystems, as recently announced with ITA Airways in Italy, or through the launch of the Air Mobility Initiative in Germany. And so it's the timing of sales not necessarily a deferment of sales, if you will. And our next question comes from the line of Ronald Epstein with Bank of America. Meanwhile, the market has confirmed a new uptrend, but the underlying economic and market volatility gives investors good cause to remain cautious. In April 2018, the US Navy unveiled plans to modernise the existing destroyers to keep them in service for ten additional years. This supports our full year 2022 guidance and our outlook for accelerated sales in 2023. That's why I was particularly pleased to receive the 2022 Deming Cup for operational excellence on behalf of Northrop Grumman earlier this week. Raytheon Missiles & Defense and Northrop Grumman to deliver operationally ready hypersonic air-breathing missiles to the USAF. It also reinforces the triad as a top priority. This website is best viewed in browsers such as: Edge, Firefox, Chrome, or Safari. I'm very confident in her ability to take the business to the next level and I look forward to introducing her to many of you. But we aren't counting on that being a significant tailwind to us next year. It said it plans to deliver a[n] HACM capability with operational utility by fiscal year (FY) 2027. The first Arleigh Burke-class Aegis destroyer was commissioned in 1991. The development of HACM will allow the USAF to enhance interoperability with allies and partner nations and stay ahead of strategic competitors. Our next question comes from the line Sheila Kahyaoglu with Jefferies. And with regard to inflation which has been more persistent in '22 than originally expected, our projections incorporate gradual easing based on the latest industry labor and material indices. Stock Advisor. Yes. But excluding pension, we expect our earnings per share to grow faster than sales in 2023, driven by continued strong execution and a lower share count. Scramjet engines use high vehicle speed to forcibly compress incoming air before combustion, which enables sustained flight at hypersonic speeds Mach 5 or greater. Flight IIA vessel USS Winston Churchill is the first ship to be fitted with the US Navys most advanced gun, the mk45 mod 4, which can fire extended-range guided munitions (ERGM) to a range of nearly 60 miles. Or is it purely cost and inflation dropping through across the portfolio? Sure. Myles Walton -- Wolfe Research -- Analyst. So we're really pleased to be able to continue that outlook in '23. [Operator instructions] Our first question comes from the line of Doug Harned with Bernstein. Booz Allen raised its full year guidance with the performance. A team of Raytheon and Northrop Grumman has been selected by the US Air Force (USAF) to develop and Request a free consultation to discover how Janes can provide you with assured, interconnected open-source intelligence. Its Relative Strength Rating is at 95 out of a possible 99 ahead of its report. This is a unique environment that we're all operating in these days and we're eyes wide open to the continuation of a lot of those pressures in 2023. Attendees will learn about the latest thread milling technology geometry for the self-locking threads and gain an understanding of the advantages of the wedge ramp angle on the threads flank. Take advantage of volatility with SwingTrader, IBDs one-stop shop for swing trade ideas. The weapon control systems include an SWG-1A for Harpoon, SWG-3 for Tomahawk, mk99 mod 3 missile fire control system, GWS34 mod 0 gun fire control system and mk116 mod 7 fire control system for anti-submarine systems. HII will build six destroyers and BIW will construct the remaining four. It is actually cash flow associated with that equipment sale booked a while back. And I'm hopeful that as the administration puts their 2024 budget together, they will continue on the path to identifying funding that would allow us to keep the Defense Industrial Base healthy. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Rule Breakers. Track Pass registrants will not have access to the Northrop Grumman Exhibit Centers or the speaking sessions at The Broadmoor. As you'll recall, our segment OM rate was in the 12% range in the first half of this year. ASROC is launched from the mk41 VLS. Phalanx block 1B was installed on USS Howard, Bulkeley and Cole and will also be installed on newbuild vessels. Results:L3Harris adjusted earnings rose 1.5% to $3.26 per share. While revenue grew 3% to $4.2 billion. But we think today, the appropriate outlook is about 20 basis points lower margin rate next year with continuation of -- kind of the second half trends we're seeing this year in net EACs. Dave or Kathy, I'm not sure which. Client Login I think you've talked about it being 10% of sales in total. The figure was $1.1bn in the third quarter of 2021. The keel for USS Lenah H Sutcliffe Higbee (DDG 123) was laid in November 2017. I don't see that as a big opportunity or risk. Well, Kristine, I wouldn't rule it out as we sit here today but I'm also not announcing any plans. Northrop's earnings and revenue have declined for the past three quarters. And so the government working with the prime to address that impact on small businesses, I outlined in my comments earlier on this call, is going to be important for the health of the Defense Industrial Base. Learn about the most advanced Circular Thread Milling technology available today that can immediately turn threading challenges into profits, with high productivity thread milling geometries and all the practical tips, techniques, and information necessary for a simple transition to high performance, cost savings, thread milling process in complex aerospace materials. This position will be located at our Defense Systems Sector in Elkton , MD , or Palm Beach Gardens, FL. Memorandum of understanding is a step toward the co-creation of an urban air mobility ecosystem in Chile, Ecuador, and Peru. While we remain optimistic that Congress will repeal or defer the R&D amortization law, we have focused our free cash flow guidance this year on the current tax laws scenario which is unchanged from last quarter. And lowered revenue predictions to $16.8 billion, from previous expectations of $17.3 billion to $17.7 billion. As I've described, this lower net FAS pension income is noncash in nature. Its portfolio includes Gulfstream jets, AbramsX tanks and the technology powering fighter jets like the F/A-18 Super Hornet. One is the growth that we're seeing in munitions and particularly that demand which we expect to grow even more with the conflict in Ukraine. Thank you. By traveling at these speeds, hypersonic weapons, suchas as HACM, can reach their targets more quickly than similar traditional missiles, allowing them to potentially evade defensive systems. I'd just adjust for some of those comparability items in '23 to get a segment-level view. With continued positive hiring and retention results, we've improved our labor-driven sales visibility, so the supply base is now the key to achieving our full year sales outlook. General Dynamics announces results Wednesday morning. Website. My name is Michelle and I will be your operator today. Our full year outlook implies Q4 sales of roughly $9.6 billion which represents excellent sequential and year-over-year growth. That continues to hold true. General Electric Rallies As Earnings Show Aviation In "Upswing", The Best Defense Stocks For Today And The Future, Stocks Slash Early Gains; Booz Allen, Aehr Test Systems, Shockwave In Focus, CF Industries Stock, Flex LNG Join IBD Sector Leaders Today, Highly Rated Booz Allen Hamilton Near Buy Zone Ahead Of Earnings, Deere Stock, Rambus, Atkore, Apache Among 19 New Names On IBD Watchlists Today, Lockheed Martin Stock Shows Rising Market Leadership; Earns 85 RS Rating, L3Harris Stock Key Rating Bump Shows Rising Relative Strength; Big Money Investors Interested. This partnership leverages Airbus expertise in innovative vertical flight technologies, and Ecocopters extensive operational history and innovative culture.. Your line is open. I'm just curious, does that put you more at risk from supplier performance than your own internal performance, as you go into the fourth quarter? That's great. Also, the overall difficulty of internal "J" series threads is another factor. Thank you. Tell us and you could win one of ten $50 gift cards! If the law is deferred or repealed in Q4, we would expect a onetime spike in state taxes recognized in corporate unallocated expense, as well as a cash refund in 2023. We need to answer the questions: Are we at risk of product failure if the device is continued to be used in this off-label manner? Another significant area of focus for the U.S. and our allies is the modernization of missile defense solutions to address current and future missile threats. Our program performance continues to be exceptional. So thank you for joining our call today. Hi. Yeah. 33 Arleigh Burke destroyers were fitted with the Aegis BMD system, which offers long-range surveillance, tracking and engagement of short-range and medium-range ballistic missiles. Your line is open. The $985.34m cost-plus-fixed-fee contract also includes performance incentives and an associated task order. So you can think of that as 20, 30 basis points of margin rate pressure on a year-over-year comp basis. This was instrumental in our return to growth in the third quarter. But for those, I don't see, let me wish you a healthy and happy holiday season and we look forward to talking to you in January. And I applaud the work that DoD is doing. And I give a lot of credit to our supply chain folks and our program teams, who are managing and mitigating those challenges every day. We're maintaining our original guidance for the top line. The USAF awarded three 15-month SCIFiRE contracts in June 2021 to Boeing, Lockheed Martin, and Raytheon to complete preliminary designs of their hypersonic cruise missile concepts. Kathy, F-35 cuts across a number of your businesses. With the growth in our backlog, the ability to grow the business top line, we want to ensure that we're investing appropriately in that. The work on 33 destroyers was completed by 2019, and the vessels, as well as three Ticonderoga cruisers, form the Aegis BMD fleet. That's right -- theythink these 10stocks are even better buys. Our marketable securities are down nearly $100 million in 2022 which represents about $0.50 of earnings per share pressure. And in 2021, for example, we had a unique trend associated with the benefit in our rates from the pension benefit. On 30 July 2009, the US Navy successfully tested the Aegis BMD system on the USS Hopper (DDG 70). And it's worth noting that this favorable trend has continued into the fourth quarter as well. ET, Northrop Grumman (NOC) Q2 2022 Earnings Call Transcript, Northrop Grumman (NOC) Q1 2022 Earnings Call Transcript, Northrop Grumman (NOC) Q4 2021 Earnings Call Transcript, Northrop Grumman (NOC) Q3 2021 Earnings Call Transcript, Northrop Grumman (NOC) Q2 2021 Earnings Call Transcript, Cumulative Growth of a $10,000 Investment in Stock Advisor, Why Tesla Shares Dropped Below $200 Monday, The Unfortunate Truth About Maxing Out Your 401(k), 3 Top Stocks to Buy Now in a Once-in-a-Decade Opportunity, How I'd Invest $20,000 Today if I Had to Start From Scratch, Join Over 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Read the full article via the When autocomplete results are available use up and down arrows to review and enter to select. Practically, you're making good progress. Military. 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