Litton Profit Climbs 8.7% in 1st Quarter

Litton Industries Inc. said its fiscal first-quarter net income rose 8.7%, matching analysts’ estimates, because of cost-cutting measures at its shipbuilding and electronic-products units. Net income for the quarter ended Oct. 31 rose to $47.2 million, or $1.01 a share, from $43.4 million, or 92 cents, compared with the year-ago quarter. Revenue for the Woodland Hills-based maker of navigation and electronic products and naval destroyers rose 16% to $1.2 billion from $1 billion. Litton shares fell $1.63 to close at $59.50 on the NYSE. Prices of other aerospace-related stocks also ended lower after Boeing Co. said it slashed jet production and warned it wouldn’t meet analyst estimates because recessions in Asia had cut demand. Boeing lost $6.69 to end at $33.69 on the NYSE.