Northrop Grumman Increases Quarterly Dividend 10 Percent to $2.06

Rhea-AI Summary

Northrop Grumman (NYSE: NOC) announced a 10% increase in its quarterly dividend, setting it at $2.06 per share. This dividend is payable on June 12, 2024, to shareholders of record as of May 28, 2024. CEO Kathy Warden emphasized the company's strong cash flows and confidence in its financial outlook, marking the 21st consecutive year of dividend increases. Northrop Grumman is a leading aerospace and defense technology company, committed to advancing global connectivity and security.

Positive

• 10% increase in quarterly dividend to $2.06 per share, indicating strong financial health.
• 21st consecutive annual increase in dividends, showing consistent financial performance.
• CEO highlights strong and expanding cash flows, suggesting robust operational efficiency and profitability.
• Positive outlook on financial stability and long-term shareholder value.

Negative

• No mention of new revenue streams or significant contracts, indicating potential stagnation in business growth.
• Focus on dividend increase without detailing underlying financial metrics, which may leave investors seeking more transparency.
• Potentially higher dividend payouts could strain cash reserves if not supported by matching revenue growth.

FALLS CHURCH, Va., May 14, 2024 (GLOBE NEWSWIRE) -- The board of directors of Northrop Grumman Corporation (NYSE: NOC) declared a quarterly dividend of $2.06 per share on Northrop Grumman common stock, payable June 12, 2024, to shareholders of record as of the close of business May 28, 2024.

“Northrop Grumman’s capital deployment strategy is designed to create value for customers and shareholders alike,” said Kathy Warden, chair, chief executive officer and president, Northrop Grumman. “The investments we’ve made in our broad portfolio give us confidence in our outlook, including strong and expanding cash flows. Reflecting this, today, our board approved a 10 percent increase to our quarterly dividend, our 21^st consecutive annual increase.”

Northrop Grumman is a leading global aerospace and defense technology company. Our pioneering solutions equip our customers with the capabilities they need to connect and protect the world, and push the boundaries of human exploration across the universe. Driven by a shared purpose to solve our customers’ toughest problems, our employees define possible every day.

Contact: Jessica Kershaw (Media)
410-271-0540
jessica.kershaw@ngc.com

Todd Ernst (Investors)
703-280-4535 (office)
todd.ernst@ngc.com

FAQ

When is Northrop Grumman's increased dividend payable?

The increased dividend is payable on June 12, 2024.

What is the new quarterly dividend announced by Northrop Grumman?

The new quarterly dividend is $2.06 per share.

How much did Northrop Grumman increase its quarterly dividend by?

Northrop Grumman increased its quarterly dividend by 10%.

When do shareholders need to be on record to receive the new dividend?

Shareholders need to be on record by May 28, 2024, to receive the new dividend.

What is the stock symbol for Northrop Grumman?

The stock symbol for Northrop Grumman is NOC.