
Northrop Grumman [NOC] on Thursday reported lower net income in its first quarter largely due to a decline in pension income while the company recorded a healthy sales gain and raised its earnings guidance for the year due to the pending sale of a stake in a business. Net income slid 12 percent to $842 million, $5.50 earnings per share (EPS), from $955 million ($6.10 EPS) a year ago, easily beating consensus estimates of $5.14 EPS. Lower pension income clipped…