Subtext

Northrop Grumman Corporation NOC

SectorIndustrials
Transcripts70
Date range2008-01-29 – 2025-04-22
Calls charted70

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-18-9+0+9+182007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Overall: +14.52008 Q1 · Overall: +9.62008 Q2 · Overall: +8.32008 Q3 · Overall: +8.62008 Q4 · Overall: +6.92009 Q1 · Overall: +8.02009 Q2 · Overall: +11.82009 Q3 · Overall: +9.92009 Q4 · Overall: +10.72010 Q1 · Overall: +10.02010 Q2 · Overall: +9.62010 Q3 · Overall: +8.92010 Q4 · Overall: +9.92011 Q1 · Overall: +3.92011 Q2 · Overall: +2.12011 Q3 · Overall: +2.42011 Q4 · Overall: -1.42012 Q1 · Overall: +2.42012 Q2 · Overall: +4.92012 Q3 · Overall: -1.32012 Q4 · Overall: +4.22013 Q1 · Overall: -0.42013 Q2 · Overall: +1.32013 Q3 · Overall: +1.62013 Q4 · Overall: +4.02014 Q1 · Overall: +10.22014 Q2 · Overall: +12.42014 Q3 · Overall: +9.32014 Q4 · Overall: +9.42015 Q1 · Overall: +6.82015 Q2 · Overall: +6.02015 Q3 · Overall: +8.72015 Q4 · Overall: +6.02016 Q1 · Overall: +5.32016 Q2 · Overall: +6.32016 Q3 · Overall: +5.52016 Q4 · Overall: +9.52017 Q1 · Overall: +6.32017 Q2 · Overall: +7.12017 Q3 · Overall: +11.82017 Q4 · Overall: +7.92018 Q1 · Overall: +9.92018 Q2 · Overall: +11.32018 Q3 · Overall: +13.52018 Q4 · Overall: +10.22019 Q1 · Overall: +11.92019 Q2 · Overall: +12.72019 Q3 · Overall: +5.62019 Q4 · Overall: +13.22020 Q1 · Overall: +5.62020 Q2 · Overall: +8.02020 Q3 · Overall: +7.12020 Q4 · Overall: +5.62021 Q1 · Overall: +10.02021 Q2 · Overall: +15.12021 Q3 · Overall: +3.52021 Q4 · Overall: +6.02022 Q1 · Overall: +9.72022 Q2 · Overall: +6.22022 Q3 · Overall: +6.62022 Q4 · Overall: +7.52023 Q1 · Overall: +5.72023 Q2 · Overall: +11.22023 Q3 · Overall: +11.52023 Q4 · Overall: +8.42024 Q1 · Overall: +2.92024 Q2 · Overall: +11.12024 Q3 · Overall: +15.72024 Q4 · Overall: +14.92025 Q1 · Overall: +8.3
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-28-14+0+14+282007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32008 Q1 · CEO: +14.52008 Q2 · CEO: +11.02008 Q3 · CEO: +6.72008 Q4 · CEO: +12.82009 Q1 · CEO: +11.62009 Q2 · CEO: +13.22009 Q3 · CEO: +12.02009 Q4 · CEO: +16.42010 Q1 · CEO: +18.72010 Q2 · CEO: +16.82010 Q3 · CEO: +11.22010 Q4 · CEO: +11.42011 Q1 · CEO: +6.22011 Q2 · CEO: +4.02011 Q3 · CEO: +4.42011 Q4 · CEO: +1.32012 Q1 · CEO: +5.92012 Q2 · CEO: +5.92012 Q3 · CEO: +2.02012 Q4 · CEO: +5.82013 Q1 · CEO: -0.22013 Q2 · CEO: +0.92013 Q3 · CEO: +6.02013 Q4 · CEO: +10.42014 Q1 · CEO: +17.52014 Q2 · CEO: +19.22014 Q3 · CEO: +18.42014 Q4 · CEO: +10.02015 Q4 · CEO: +7.32016 Q1 · CEO: +17.12016 Q3 · CEO: +8.32016 Q4 · CEO: +18.72017 Q1 · CEO: +11.12017 Q2 · CEO: +8.92017 Q3 · CEO: +16.72017 Q4 · CEO: +10.82018 Q1 · CEO: +12.62018 Q2 · CEO: +20.32018 Q3 · CEO: +21.42018 Q4 · CEO: +14.72019 Q1 · CEO: +16.52019 Q2 · CEO: +16.92019 Q3 · CEO: +9.92019 Q4 · CEO: +17.82020 Q1 · CEO: +6.12020 Q2 · CEO: +8.42020 Q3 · CEO: +7.52020 Q4 · CEO: +13.72021 Q1 · CEO: +9.62021 Q2 · CEO: +16.32021 Q3 · CEO: +4.22021 Q4 · CEO: +6.02022 Q1 · CEO: +7.02022 Q2 · CEO: +6.02022 Q3 · CEO: +8.32022 Q4 · CEO: +15.92023 Q1 · CEO: +7.92023 Q2 · CEO: +15.22023 Q3 · CEO: +13.32023 Q4 · CEO: +8.62024 Q2 · CEO: +10.12024 Q3 · CEO: +15.22024 Q4 · CEO: +16.62025 Q1 · CEO: +7.52007 Q4 · CFO: +13.92008 Q3 · CFO: +4.72008 Q4 · CFO: +0.02009 Q1 · CFO: +5.32009 Q2 · CFO: +17.42009 Q3 · CFO: +13.72009 Q4 · CFO: +9.32010 Q1 · CFO: +5.12010 Q2 · CFO: +11.02010 Q3 · CFO: +17.82010 Q4 · CFO: +16.12011 Q1 · CFO: +7.12011 Q2 · CFO: +5.82011 Q3 · CFO: +4.62011 Q4 · CFO: +2.72012 Q1 · CFO: +0.92012 Q2 · CFO: +8.72012 Q3 · CFO: +0.02012 Q4 · CFO: +5.12013 Q1 · CFO: +5.62013 Q2 · CFO: +3.42013 Q3 · CFO: +4.12013 Q4 · CFO: +2.22014 Q1 · CFO: +7.22014 Q2 · CFO: +7.42014 Q3 · CFO: +0.42014 Q4 · CFO: +11.02015 Q1 · CFO: +11.72015 Q2 · CFO: +0.02015 Q4 · CFO: +6.52016 Q1 · CFO: -0.62016 Q3 · CFO: +3.92016 Q4 · CFO: +3.02017 Q1 · CFO: +4.72017 Q2 · CFO: +8.82017 Q3 · CFO: +7.12017 Q4 · CFO: +7.12018 Q1 · CFO: +9.32018 Q2 · CFO: +4.72018 Q3 · CFO: +4.72018 Q4 · CFO: +11.42019 Q1 · CFO: +11.62019 Q2 · CFO: +12.92019 Q3 · CFO: +8.82019 Q4 · CFO: +13.92020 Q1 · CFO: +7.82020 Q2 · CFO: +10.12020 Q3 · CFO: +8.02020 Q4 · CFO: +6.02021 Q1 · CFO: +17.82021 Q2 · CFO: +18.02021 Q3 · CFO: +5.82021 Q4 · CFO: +11.72022 Q1 · CFO: +15.02022 Q2 · CFO: +14.12022 Q3 · CFO: +6.42022 Q4 · CFO: +4.72023 Q1 · CFO: +8.42023 Q2 · CFO: +19.72023 Q3 · CFO: +14.12023 Q4 · CFO: +14.32024 Q2 · CFO: +18.42024 Q3 · CFO: +24.52024 Q4 · CFO: +17.02025 Q1 · CFO: +13.2
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-36-18+0+18+362007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Prepared remarks: +20.22008 Q1 · Prepared remarks: +12.42008 Q2 · Prepared remarks: +11.02008 Q3 · Prepared remarks: +10.62008 Q4 · Prepared remarks: +8.92009 Q1 · Prepared remarks: +14.92009 Q2 · Prepared remarks: +17.52009 Q3 · Prepared remarks: +19.52009 Q4 · Prepared remarks: +16.92010 Q1 · Prepared remarks: +16.42010 Q2 · Prepared remarks: +9.52010 Q3 · Prepared remarks: +12.32010 Q4 · Prepared remarks: +16.72011 Q1 · Prepared remarks: +9.72011 Q2 · Prepared remarks: +10.42011 Q3 · Prepared remarks: +7.02011 Q4 · Prepared remarks: +3.32012 Q1 · Prepared remarks: +4.92012 Q2 · Prepared remarks: +8.52012 Q3 · Prepared remarks: -1.72012 Q4 · Prepared remarks: +3.52013 Q1 · Prepared remarks: +2.82013 Q2 · Prepared remarks: +5.22013 Q3 · Prepared remarks: +5.62013 Q4 · Prepared remarks: +4.52014 Q1 · Prepared remarks: +12.52014 Q2 · Prepared remarks: +14.12014 Q3 · Prepared remarks: +4.72014 Q4 · Prepared remarks: +11.42015 Q1 · Prepared remarks: +6.32015 Q2 · Prepared remarks: +10.02015 Q3 · Prepared remarks: +12.82015 Q4 · Prepared remarks: +10.52016 Q1 · Prepared remarks: +14.82016 Q2 · Prepared remarks: +2.72016 Q3 · Prepared remarks: +9.62016 Q4 · Prepared remarks: +14.22017 Q1 · Prepared remarks: +6.22017 Q2 · Prepared remarks: +3.52017 Q3 · Prepared remarks: +11.82017 Q4 · Prepared remarks: +13.72018 Q1 · Prepared remarks: +19.12018 Q2 · Prepared remarks: +16.42018 Q3 · Prepared remarks: +18.02018 Q4 · Prepared remarks: +14.52019 Q1 · Prepared remarks: +13.02019 Q2 · Prepared remarks: +16.52019 Q3 · Prepared remarks: +11.52019 Q4 · Prepared remarks: +16.02020 Q1 · Prepared remarks: +1.02020 Q2 · Prepared remarks: +10.72020 Q3 · Prepared remarks: +8.42020 Q4 · Prepared remarks: +9.02021 Q1 · Prepared remarks: +7.92021 Q2 · Prepared remarks: +18.12021 Q3 · Prepared remarks: +4.12021 Q4 · Prepared remarks: +6.52022 Q1 · Prepared remarks: +10.52022 Q2 · Prepared remarks: +13.62022 Q3 · Prepared remarks: +12.32022 Q4 · Prepared remarks: +15.02023 Q1 · Prepared remarks: +10.42023 Q2 · Prepared remarks: +19.82023 Q3 · Prepared remarks: +15.12023 Q4 · Prepared remarks: +14.02024 Q1 · Prepared remarks: +31.22024 Q2 · Prepared remarks: +12.02024 Q3 · Prepared remarks: +27.42024 Q4 · Prepared remarks: +19.82025 Q1 · Prepared remarks: +11.72007 Q4 · Q&A responses: +14.32008 Q1 · Q&A responses: +12.02008 Q2 · Q&A responses: +11.92008 Q3 · Q&A responses: +9.12008 Q4 · Q&A responses: +8.92009 Q1 · Q&A responses: +8.52009 Q2 · Q&A responses: +10.22009 Q3 · Q&A responses: +7.82009 Q4 · Q&A responses: +9.32010 Q1 · Q&A responses: +10.92010 Q2 · Q&A responses: +17.92010 Q3 · Q&A responses: +13.32010 Q4 · Q&A responses: +9.02011 Q1 · Q&A responses: +4.42011 Q2 · Q&A responses: +0.02011 Q3 · Q&A responses: +2.82011 Q4 · Q&A responses: -0.52012 Q1 · Q&A responses: +2.22012 Q2 · Q&A responses: +6.22012 Q3 · Q&A responses: +2.02012 Q4 · Q&A responses: +6.52013 Q1 · Q&A responses: +1.22013 Q2 · Q&A responses: +1.82013 Q3 · Q&A responses: +3.42013 Q4 · Q&A responses: +8.32014 Q1 · Q&A responses: +12.42014 Q2 · Q&A responses: +15.42014 Q3 · Q&A responses: +16.02014 Q4 · Q&A responses: +10.32015 Q1 · Q&A responses: +11.22015 Q2 · Q&A responses: +6.92015 Q3 · Q&A responses: +10.02015 Q4 · Q&A responses: +4.92016 Q1 · Q&A responses: +5.62016 Q2 · Q&A responses: +9.62016 Q3 · Q&A responses: +5.02016 Q4 · Q&A responses: +9.42017 Q1 · Q&A responses: +8.32017 Q2 · Q&A responses: +10.32017 Q3 · Q&A responses: +13.92017 Q4 · Q&A responses: +5.62018 Q1 · Q&A responses: +10.12018 Q2 · Q&A responses: +12.92018 Q3 · Q&A responses: +13.62018 Q4 · Q&A responses: +10.32019 Q1 · Q&A responses: +13.42019 Q2 · Q&A responses: +12.72019 Q3 · Q&A responses: +6.12019 Q4 · Q&A responses: +15.62020 Q1 · Q&A responses: +10.92020 Q2 · Q&A responses: +6.62020 Q3 · Q&A responses: +6.02020 Q4 · Q&A responses: +10.02021 Q1 · Q&A responses: +16.42021 Q2 · Q&A responses: +15.82021 Q3 · Q&A responses: +7.42021 Q4 · Q&A responses: +9.72022 Q1 · Q&A responses: +10.42022 Q2 · Q&A responses: +5.92022 Q3 · Q&A responses: +3.62022 Q4 · Q&A responses: +7.62023 Q1 · Q&A responses: +5.62023 Q2 · Q&A responses: +13.72023 Q3 · Q&A responses: +13.72023 Q4 · Q&A responses: +8.02024 Q1 · Q&A responses: +1.22024 Q2 · Q&A responses: +13.32024 Q3 · Q&A responses: +10.22024 Q4 · Q&A responses: +12.92025 Q1 · Q&A responses: +7.1
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$7.53$18.53$29.542007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: $9.132014 Q2: $9.542014 Q3: $9.892014 Q4: $9.052015 Q1: $9.752015 Q2: $10.122015 Q3: $10.602015 Q4: $10.442016 Q1: $10.652016 Q2: $11.372016 Q3: $11.462016 Q4: $12.062017 Q1: $12.242017 Q2: $12.952017 Q3: $13.302017 Q4: $13.292018 Q1: $15.972018 Q2: $18.122018 Q3: $18.482018 Q4: $18.482019 Q1: $19.752019 Q2: $20.822019 Q3: $21.852019 Q4: $23.102020 Q1: $24.092020 Q2: $23.752020 Q3: $24.562020 Q4: $24.232021 Q1: $24.052021 Q2: $25.092021 Q3: $25.772021 Q4: $25.072022 Q1: $25.402022 Q2: $26.022022 Q3: $26.362022 Q4: $22.562023 Q1: $22.672023 Q2: $23.562023 Q3: $24.172023 Q4: $24.202024 Q1: $25.422024 Q2: $26.142024 Q3: $27.042024 Q4: $28.02

Forward P/E

11.5718.0224.462007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: 13.452014 Q2: 12.722014 Q3: 13.402014 Q4: 15.872015 Q1: 16.712015 Q2: 16.092015 Q3: 16.132015 Q4: 18.182016 Q1: 17.982016 Q2: 19.112016 Q3: 18.222016 Q4: 19.252017 Q1: 19.932017 Q2: 20.062017 Q3: 20.052017 Q4: 23.212018 Q1: 21.292018 Q2: 18.092018 Q3: 16.892018 Q4: 13.712019 Q1: 14.132019 Q2: 15.142019 Q3: 17.282019 Q4: 14.662020 Q1: 13.412020 Q2: 13.572020 Q3: 13.992020 Q4: 12.462021 Q1: 12.912021 Q2: 14.842021 Q3: 13.802021 Q4: 15.112022 Q1: 16.712022 Q2: 17.622022 Q3: 18.392022 Q4: 23.572023 Q1: 19.802023 Q2: 19.012023 Q3: 17.642023 Q4: 20.042024 Q1: 18.032024 Q2: 16.292024 Q3: 19.292024 Q4: 16.69

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -3.1 fwd EPS ↑ +0.35 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q1 tone ↓ -2.6 fwd EPS ↑ +0.70 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q1 tone ↓ -3.2 fwd EPS ↑ +0.18 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -7.1 fwd EPS ↑ +1.03 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -7.7 fwd EPS ↑ +0.98 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +2.4 fwd EPS ↓ -0.34 Tone rose while the forward EPS estimate was cut.
  • 2021 Q3 tone ↓ -11.6 fwd EPS ↑ +0.69 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↑ +2.5 fwd EPS ↓ -0.70 Tone rose while the forward EPS estimate was cut.
  • 2022 Q2 tone ↓ -3.5 fwd EPS ↑ +0.62 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -5.5 fwd EPS ↑ +1.22 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-22+8.3——View →
2024 Q42025-01-30+14.9$28.0216.7View →
2024 Q32024-10-24+15.7$27.0419.3View →
2024 Q22024-07-25+11.1$26.1416.3View →
2024 Q12024-04-25+2.9$25.4218.0View →
2023 Q42024-01-25+8.4$24.2020.0View →
2023 Q32023-10-26+11.5$24.1717.6View →
2023 Q22023-07-27+11.2$23.5619.0View →