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Litton 4th-Quarter Net Income Rises 15%

September 03, 1998|Bloomberg News

Litton Industries Inc. said its fiscal fourth-quarter net income rose 15% on strong shipments of electronics products for the telecommunications and computer industries. The maker of electronics, Navy destroyers and amphibious assault ships said net income for the quarter ended July 31 rose to $50.5 million, or $1.07 a diluted share, from $44 million, or 93 cents, in the year-earlier period. Per-share results beat the $1.05 average estimate of nine analysts polled by First Call Corp. Revenue rose 16%, to $1.24 billion from $1.07 billion, partly boosted by the $432-million acquisition in April of Waltham, Mass.-based Primark Corp.'s TASC unit, which provides information systems to the defense industry. The company benefited from strong shipments of products such as circuit boards and electronics connectors used in telecommunications and computer systems. Shares of the Woodland Hills-based company rose $2 to close at $49.56 on the NYSE. Earlier, they touched a 52-week low of $47.44.

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