Northrop Corp.: The Los Angeles-based defense contractor...
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Northrop Corp.: The Los Angeles-based defense contractor said its third-quarter profit fell 23% to $21.5 million, blaming the decline in part on less research and development work on such projects as the B-2 stealth bomber. The company, which lost $78.1 million in the second quarter, also noted that it had made fewer deliveries of its F-A-18 fighters. Revenue for the quarter ended Sept 30 dipped 8% to 1.25 billion from $1.36 billion a year earlier.
For the record:
12:00 a.m. Oct. 20, 1989 For the Record
Los Angeles Times Friday October 20, 1989 Home Edition Business Part D Page 2 Column 6 Financial Desk 2 inches; 56 words Type of Material: Correction
Northrop--Northrop Corp.’s 23% drop in third-quarter earnings was primarily attributable to higher-than-anticipated costs on a number of fixed-price research and development contracts undertaken some years ago in the electronics business segment. In Thursday’s Business section, the decline was attributed to less research and development work on such projects as the B-2 stealth bomber.
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