AEROSPACE

Litton 3rd-Quarter Earnings Up 56.3%: The Woodland Hills-based defense contractor also said income from continuing operations rose 17% in spite of declining revenue. The rise in profit from a year earlier mainly resulted from paying off high-cost debt and improving operating margins. For the three months ended April 30, Litton Industries Inc. earned $35.6 million, or 75 cents a share, compared to $22.8 million, or 48 cents a share, in the same period a year ago. Revenue fell 10%, to $861.4 million from $957.1 million. Litton spun off to its shareholders its oil field services and industrial businesses in March, 1994. Those operations had losses of $7.5 million in last year’s third quarter. Among Litton’s major products are Aegis destroyers and amphibious assault ships.