Northrop Says Storm Damaged Ship Unit
Northrop Grumman Corp. said Hurricane Katrina damaged some of its shipbuilding operations and that work delay could negatively affect its 2005 earnings by 6 cents to 12 cents a share.
Analysts on average expected the company to earn $4 a share this year, according to Reuters Estimates.
The company, based in Century City, said it expected insurance to cover damage costs.
Northrop said its facilities had incurred significant damage but that it had adequate resources and liquidity to meet its current obligations and did not expect a material effect to its overall financial health.
Northrop reported after the market close. In regular trading, its shares rose 33 cents to $57.66.
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