Litton Says Net Profit Down in Latest Quarter
BEVERLY HILLS, Calif. (AP) _ Litton Industries Inc., which in the past year sold off most of its business-systems unit, said its profit fell 31 percent in its fiscal second quarter from a year earlier, when the company had profit of $40.5 million from discontinued operations.
But profit from continuing operations rose 10.2 percent, Litton said Tuesday.
For the three months ended Jan. 31, Litton’s profit totalled $74.2 million, or $1.74 a share. A year earlier, net profit was $107.8 million, or $2.53 a share.
Excluding the $40.5 million from discontinued operations, profit from continuing operations in the second quarter of last year was $67.3 million, or $1.57 per share.
Revenue fell to $1.12 billion in the second quarter from $1.14 billion a year earlier, Litton said.
Litton said the business-systems unit had accounted for one-sixth of its sales.
For the first six months, Litton reported profit of $141.9 million, or $3.33 per share, compared with $163.6 million, or $3.83 a share, a year earlier. Revenue rose to $2.29 billion from $2.25 billion a year earlier.
In the first six months of the previous fiscal year, the company had profit from continuing operations of $127.6 million, or $2.98 per share.
Since last March, Litton has sold or signed letters of intent to sell all of its business-systems unit except for Westrex OEM of Fall River, Mass.
Litton decided to dispose of its business-systems operations so it could focus attention on high-technology and defense programs.
It said its advanced electronics systems and shipbuilding operations had improved profit in the second quarter and first half, as did its industrial systems and service business segment, which is made up of Litton’s geophysical services and industrial automation systems divisions.