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Pension and Segment Income Fuel Strong Earnings At Northrop Grumman

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By Calvin Biesecker Northrop Grumman [NOC] yesterday reported strong first quarter earnings despite weaker sales due to income from its pension assets, operating segments and from its former shipbuilding unit combined with lower corporate and interest expenses. Sales were down in part due to the continuing budget resolution that delayed contract awards and suppressed federal spending through the first three months of 2011 and because of the company's previously announced plan to reduce its participation in a joint venture managing…

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