EARNINGS UP AT ELECTRONICS, SHIPS CONGLOMERATE LITTON.Byline: Dave McNary Daily News Staff Writer Woodland Hills-based Litton Industries Named after inventor Charles Litton Sr., Litton Industries was a large defense contractor in the United States, bought by the Northrop Grumman Corporation in 2001. reported Wednesday a 9 percent earnings gain due to increased demand from telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. customers, improved margins in several businesses and lower interest expenses. The conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. , which produces electronics, naval destroyers and aircraft carriers, posted profits of $43.4 million, or 92 cents a share, for its first quarter ending Oct. 31. Sales edged down to $1.04 billion from $1.05 billion. The results were in line with Wall Street expectations and Litton stock dipped slightly, losing 19 cents to $50.375 a share. The issue hit a record high of $56 on Sept. 24 but has been in the $50 range for the past month and a half. Litton said profitability was ``particularly strong'' in commercial electronics with strong sales gains in electronics and information systems. Revenues declined in its minicomputer (1) An earlier medium-scale, centralized computer that functioned as a multiuser system for up to several hundred users. The minicomputer industry was launched in 1959 after Digital Equipment Corporation introduced its PDP-1 for $120,000, an unheard-of low price for a computer in selling program, marine engineering and shipbuilding. Interest expenses fell 10.3 percent to $10.2 million. Litton said other information systems programs have the capacity to offset the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in minicomputer sales for the rest of the fiscal year. It said shipbuilding revenues should ``smooth out'' as contracts enter full production later in the fiscal year. |
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