Profits rise at Boeing, Northrop in first quarter despite lower revenue

Two of the nation's largest aerospace companies reported rising profits in the first quarter despite a slip in revenue. Boeing Co. said its earnings climbed 13%, and Northrop Grumman Corp. posted a 21% jump in profit.

Northrop and Boeing — each operates a large military-related business in Southern California — are among the largest private employers in the state, with about 52,000 workers combined.

For the quarter, Northrop earned $496 million, or $1.67 per share. That's down from $410 million, or $1.34 per share, a year earlier. The company, however, exceeded analysts' expectations of $1.56 a share.

The Century City aerospace giant, which has massive facilities in Redondo Beach, El Segundo and Palmdale, experienced a 3% drop in sales to $6.7 billion for the quarter.

Read Full Article from Los Angeles Times

- Posted: 2011-04-27 11:59:31

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