Northrop Grumman executives said they are seeing the benefits of the company's acquisition of Orbital ATK, which now operates as Northrop's innovation systems business unit, when it comes to new business opportunities and cost savings, SpaceNews reported Wednesday.
“All in all, I feel very positive about the performance of the business as well as the integration process that we are executing,“ Kathy Warden, president and CEO of Northrop, said of Northrop Grumman Innovation Systems during the company's earnings call Wednesday.
Warden, a 2019 Wash100 winner, said the company is on track to meet its goals for cost, revenue and operational synergies as it continues to integrate the Innovation Systems segment, which recorded $1.44B in sales for the first quarter of 2019.
“With the addition of Innovations Systems, our space portfolio is in excess of $7B in annual revenue,“ she added.
Northrop saw its Q1 2019 total sales rise to $8.19B compared with $6.74B reported in the prior year period. The company recorded net earnings of $863M, up from $840M in the same quarter last year.