big number
$105 billion. That’s the size of Northrop Grumman’s backlog, a record, the company reported Tuesday. The defense contractor raised its sales outlook for the year to up to $44.25 billion, above consensus Wall Street estimates of just below $44 billion, according to FactSet. Earnings through Northrop Grumman’s latest quarter came at $4.86 per share and revenue hit $44.8 billion, well above projections of $2.96 per share and $35.7 billion, respectively.
Read more What Is Iran’s Pickaxe Mountain? Trump Threatens Bombing There ‘Pretty Soon’
tangent
Tesla CEO Elon Musk said in April the automaker’s humanoid robot Optimus “will not just be Tesla’s biggest product ever, but probably the biggest product ever.” Tesla unveiled its robotics project in 2021, as Musk said the company’s goal is to “make a useful humanoid robot as quickly as possible.”
Read more Hundreds Of Noncitizens Voted In New Jersey After DMV Mistakenly Registered Them
key background
Northrop Grumman has positioned space as one of its major strategic business targets in recent years, landing a series of contracts with the U.S. military. The defense contractor has also expanded into servicing satellites through its SpaceLogistics subsidiary, which developed the MRV. Northrop Grumman’s space segment accounted for 15% of all of its revenue through the latest quarter in addition to a backlog exceeding $16 billion.
further reading
ForbesTesla Beats First-Quarter Expectations Amid Pivot To Robotics, AIBy Alicia Park