Litton Industries Reports Profits for 4th Quarter
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Litton Industries Inc., the Woodland Hills defense and electronics concern, reported fourth-quarter and full-year profits following year-earlier losses.
In its fiscal fourth quarter ended July 31, Litton earned $38.7 million, compared to a loss of $59 million a year before. Its revenue grew 16%, to $975.1 million from $843.9 million.
Litton’s fiscal 1995 net income totaled $135 million, while its revenue for the year shrank 4%, to $3.32 billion. In the previous year, the company lost $152.5 million on $3.45 billion in revenue.
Litton chief executive John M. Leonis said the company plans to continue its aggressive acquisition strategy in the face of an industrywide consolidation, in hopes of offsetting diminishing global defense spending.
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