Grumman Corp.’s 1988 net income advanced 142%...

Grumman Corp.’s 1988 net income advanced 142% to $86.5 million. Revenue rose 8% to $3.65 billion. The Bethpage, N.Y.-based aerospace, electronic and specialty vehicle manufacturer noted that earnings included a third-quarter benefit of $11.1 million from an accounting adjustment for New York state franchise taxes. The firm also noted that in 1987 there were unusual charges for the settlements of litigation concerning New York City buses and an F-14D contract dispute with the Navy.

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