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Litton's Third-Quarter Profit Rises 11%

June 04, 1998|Bloomberg News

Litton Industries Inc. said its fiscal third-quarter net income rose 11% on improved results in its defense and commercial electronics units. The electronics maker and builder of naval destroyers and helicopter carriers said earnings for the quarter ended April 30 rose to $46.8 million, or 98 cents a diluted share, from $42 million, or 89 cents, in the year-earlier period. Per-share results were in line with the 97-cent average estimate of eight analysts polled by IBES International Inc. Revenue rose 4.3%, to $1.14 billion from $1.10 billion. The Woodland Hills-based company benefited from strong shipments to telecommunications and computer-related customers. The acquisition of Primark Corp.'s TASC unit for $432 million in April contributed to higher sales for its information systems unit. Litton shares rose 81 cents to close at $58.25 on the New York Stock Exchange.

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