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Shipbuilding Charges, Pension Expenses Drag Down Northrop’s Earnings

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By Calvin Biesecker Northrop Grumman [NOC] yesterday said that second quarter earnings fell due to a pension adjustment combined with additional charges related to shipbuilding operations, although the company maintained its financial guidance for the rest of year. The $105 million pre-tax charge relates to cost increases to complete work on several ships, namely LPD-class and LHA-6 amphibious vessels, under construction at the company's Gulf Coast shipyards. The charge was not entirely unexpected as Northrop Grumman had previously warned of…

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