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Aerospace

March 03, 1994|From Times Staff and Wire Reports

Litton Posts Second-Quarter Loss: Litton Industries reported a $151.3-million loss due to spinning off its non-defense businesses. The loss for the three months ended Jan. 31, the equivalent of $3.32 per share, came on sales of $804 million. That was up from $754 million a year earlier on comparable defense electronics and shipbuilding operations. Litton recorded $174.7 million in special charges for splitting off its energy exploration data and automated assembly line businesses into a separate company. Setting aside the charge for discontinued operations, Litton's profit rose 27% during the quarter. Litton attributed the higher operating earnings to reduced interest expenses, improved sales of advanced electronics and a strong performance in Navy shipbuilding.

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