Northrop Corp. posted a 10% increase in...

Northrop Corp. posted a 10% increase in first-quarter earnings, citing increased profit on its B-2 stealth bomber and its subcontract work on FA-18 fighters and Boeing 747 jetliners. Calabasas-based Northrop reported first-quarter earnings of $52 million, or $1.09 per share. That compares with earnings of $47 million, or $1 per share during the first quarter of 1992. Sales were $1.27 billion, down 2% from $1.3 billion. Last year’s results were lowered by $11 million in overruns on engineering changes and development costs in the FA-18 and 747 programs. Northrop closed down 37.5 cents at $38.25 on the NYSE.