Jul. 21 at 5:34 PM
$NOC — In April, management said it expected an F/A-XX award "in the third quarter" and upside to guidance if won. The July call: no mention, no update, no explanation.
What arrived instead: book-to-bill of 1.84x,
$105B record backlog (+17% YoY), raised guidance, and Sentinel delivering
$7.6B in new backlog with milestones as scheduled.
Two EAC charges — SiAW at DS and GEM 63XL at Space — dragged margins in Q2.
Management isolated both, guided each segment above 11% in H2, and committed plainly.
PAC-3 SRM qualification complete;
$2B framework signed. The
$10B SRM opportunity is framework, not contracted revenue.
CCA/YFQ-48: absent.
The second half delivers the verdict.
#TheGapReport
