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. (TRW)
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.
Ships revenue slid 25 percent to $1.13 billion, while information and services edged up 1 percent to $2.6 billion and aerospace grew 7 percent to $2.29 billion.
The company held its estimate for full-year income of $4.25 to $4.40 per share and sales of about $31 billion. Analysts are currently predicting earnings of $4.37 per share and $31.28 billion in sales.
Northop shares fell $1.23, or 1.7 percent, to $70 in morning trading on the New York Stock Exchange.
Source: AP and Washington Post