Litton Profit Drops 21.5%

Litton Industries said Wednesday that its profit fell 21.5% in its first fiscal quarter. It blamed a 3.6% decline in revenue and lower interest income.

Litton reported net earnings of $34.3 million for the three months ended Oct. 31, compared to $43.7 million for the same quarter a year earlier. First-quarter revenue fell to $1.06 billion from $1.10 billion a year ago.

“The difference between Litton’s comparative quarterly results was more than accounted for by lower interest income and by reduced sales and operating profits of the resource exploration service divisions, which nonetheless remained profitable in the severely depressed oil services market,” Litton’s announcement said.

The Beverly Hills-based firm produces electronic and defense systems and industrial automation systems as well as offering geophysical services.