LOS ANGELES -- Northrop Grumman Corp. yesterday posted lower-than-expected profit for the fourth quarter, hurt by fewer deliveries of the military contractor's B-2 stealth bomber.
Net income was $58 million, or $1.17 a share.
In 1994's final quarter, the company had a loss of $121 million, or $2.45, after taking $324 million of pretax charges for an accounting change and asset sales.
Per-share results fell short of the average forecast of $1.30 from nine analysts surveyed by Zacks Investment Research.
Sales declined 3.5 percent, to $1.81 billion from $1.88 billion, because of fewer deliveries of the B-2 stealth bomber and reduced demand for components for McDonnell Douglas Corp.'s F/A-18 program.
Those declines overwhelmed a 35 percent increase in sales in the company's electronics operations.
Northrop Grumman is banking on its recent $3 billion agreement to buy Westinghouse Electric Corp.'s Linthicum-based defense electronics operations to help it shift toward electronics systems for revenue and profit rather than military aircraft.
"It will place us in a significant growth mode for the future," said Kent Kresa, Northrop Grumman's chief executive.
Annual revenue could exceed $10 billion by the turn of the century, he said.
For all of 1995, the company reported net income of $252 million, or $5.11 a share, up from $35 million, or 72 cents, in 1994.
Results for 1994 reflect the $324 million of charges.
Revenue rose 1.6 percent, to $6.82 billion from $6.71 billion.