According to the AP, Northrop Grumman Corp. posted a lower first-quarter profit as revenue declined and gains from a stock sale boosted last year's results. The company also maintained its forecast for double-digit profit growth in 2006. Income slid to $358 million, or $1.02 per share, for the January-March period, from $409 million, or $1.11 per share, the previous year when the company gained $56 million from selling its Teldix aircraft parts unit and the sale of stock in TRW Automotive Holdings Corp. Excluding last year's gains, earnings from continuing operations were $357 million, or $1.02 per share, versus $398 million, or $1.08 per share, last year. Northrop said its shipbuilding business hurt its overall revenue, which fell 4 percent to $7.18 billion from $7.45 billion a year ago.
