B-2 bomber builder Northrop Grumman Corp. reported...
From Times Wire Services
B-2 bomber builder Northrop Grumman Corp. reported a 4% jump in first-quarter profit Wednesday, with better aircraft and electronics results more than offsetting higher interest and tax costs.
Earnings were $54 million, or $1.10 per share, compared to $52 million, or $1.05 per share, a year earlier. Sales totaled $1.62 billion, up 33% from $1.22 billion, reflecting Northrop Corp.’s acquisition of Grumman Corp. and Vought Aircraft Co.
Allowing for a 5-cents-a-share, one-time charge from an arbitration ruling related to Northrop’s parts making for F/A-18 fighter jets, the earnings were exactly at the median of analysts’ expectations.
