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Tax Credit, Pension Income Lift Northrop Grumman’s Earnings Amid Flat Sales In Quarter

Rich Abott By
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Buoyed by the reinstatement of a federal tax credit and increased pension income, Northrop Grumman [NOC] on Jan. 29 posted solid earnings in the fourth quarter while sales were essentially flat.Net income increased 6 percent to $506 million, $2.48 earnings per share (EPS), from $478 million ($2.12 EPS), due mainly to the $38 million (19 cents EPS) research and development tax credit and by a more than $20 increase in favorable pension adjustments. A lower share count as a result…

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