Morton Thiokol’s income increased 23% to $40.6...

Morton Thiokol’s income increased 23% to $40.6 million for the first quarter. Sales for the Chicago-based manufacturer and marketer of specialty chemicals, high-technology propulsion systems and salt grew 12% to $504 million for the quarter. The firm attributed the profit gain, in part, to a lower effective tax rate due to the Tax Reform Act of 1986.