
Northrop Grumman [NOC] on Thursday reported higher earnings in its third quarter despite a drop in sales as the company benefited from an insurance settlement, a pension tailwind and improved operating margin. Sales fell 4 percent to $8.7 billion from $9.1 billion a year ago due to the divestiture in January of the information technology services business, which accounted for $606 million in revenue a year ago. Excluding the IT divestiture, organic sales increased 3 percent. Net income increased 8…