Northrop net income up 8%

From Times Wire Services

Northrop Grumman Corp. said its second-quarter profit rose 8% as sales jumped 10% on strong results in its shipbuilding and aerospace segments.

The Century City-based company reported net income of $495 million, or $1.44 a share, compared with $460 million, or $1.31, a year earlier.

Excluding discontinued operations, Northrop earned $1.40 a share -- meeting the average forecast of analysts surveyed by Thomson Financial.

Revenue rose nearly 10% to $8.63 billion, beating Wall Street’s forecast of $8.28 billion.


But shares fell $1.13, or 1.7%, to $67.54 as investors unfavorably compared Northrop’s performance to that of its peers.