Litton Industries’ 1st-Quarter Profit Up 9%

Litton Industries Inc. said fiscal first-quarter net income rose 9% on increased electronic-product demand from telecommunications companies, improved margins in several businesses and lower interest expenses. The Woodland Hills-based electronics maker and builder of destroyers and amphibious assault ships for the Navy said net income for the quarter ended Oct. 31 rose to $43.4 million, or 92 cents a share, from $39.8 million, or 83 cents, in the year-earlier quarter. The per-share earnings were in line with the average estimate of analysts. Litton shares fell 19 cents to close at $50.38 on the NYSE. Total revenue fell less than 1% to $1.04 billion in the quarter from $1.05 billion in the year-earlier period, as declining revenue from its information systems division’s super minicomputer reselling program and its marine engineering and production units offset sales gains in information systems and electronic components.