Northrop profits rise, Rockwell's fall.Northrop profits rise, Rockwell's fall Two big Southland south·land or South·land n. A region in the south of a country or an area. south  land·er n.Noun 1. aerospace and defense contractors Noun 1. defense contractor - a contractor concerned with the development and manufacture of systems of defense armed forces, armed services, military, military machine, war machine - the military forces of a nation; "their military is the largest in the region"; announced results for the second quarter last week. Northrop in Century City reported second-quarter net income of $29.3 million, or 63 cents a share, on revenues of $1.4 billion, compared to a loss of $78.1 million on sales of $1.41 billion for the same period in 1989. The per share loss during the 1989 quarter was $1.67. El Segundo-based Rockwell International Rockwell International was the ultimate incarnation of a series of companies under the sphere of influence of Willard Rockwell, who had made his fortune after the invention and successful launch of a new bearing system for truck axles in 1919. said third-quarter earnings declined 3.9 percent to $171.2 million, or 71 cents a share, on revenues of $3.1 billion compared to income of $178.1 million, or 70 cents a share, on sales of $3.2 billion in the same quarter of 1989. Northrop said sales increased slighty in the quarter because of more deliveries of equipment for 747 aircraft, higher revenues for B-2 contracts and increases in volume in the electronics and other company divisions. Rockwell said the improvement in earnings reflected the effect of the company's continuing stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. Lawrence Harris, an industry analyst with Bateman Eichler, Hill Richards Inc. in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , said earnings were higher than expected and that he was projecting per-share earnings of about 65 cents at Rockwell. He also said, "The decline in sales partly reflected 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 the U.S. economy, especially in areas such as automative and avionics avionics (ā'vēŏn`ĭks), electronic instruments used in air or space flight; also the design and production of such instruments. Early planes had few instruments, but as aviation and aircraft became more complex, so did instrumentation. ." Northrop said sales in the first half of 1990 were $2.69 billion compared to $2.68 billion during the first six months of 1989. Net income for the period was $125.3 million, or $2.67 per share, compared to a loss of $68.4 million, or a per-share loss of $1.46, during the first six months of 1989. Earnings in the first nine months of Rockwell's current fiscal year were $490.4 million, or $2 a share, off from $608.8 million, or $2.37 a share, for the same period a year ago. Revenues for the period were $9.2 billion, about the same as they were for the same period in 1989, the company said. |
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