Northrop Grumman Corporation ($NOC) has raised its profit forecast for 2024, citing increased defense spending. The company reported net awards of $11.7 billion and a record backlog of $85 billion. In its third-quarter earnings, Northrop Grumman posted sales of $10.0 billion, a 2% increase year-over-year, although this fell short of the estimated $10.18 billion. The diluted earnings per share rose by 13% to $7.00, exceeding expectations of $6.08. The operating margin improved to 11.2%, up from 10.4% year-over-year. Despite the revenue miss, the company’s stock saw a 1.0% increase in pre-market trading following the earnings report.