Buoyed by increased defense sales, Raytheon reported first-quarter profits of $400 million, or 93 cents per share. The world’s fifth largest defense contractor’s 15-percent growth exceeded Wall Street expectations, and company officials re-iterated earlier guidance double-digit profit growth this year.
Northrop Grumman reported that first-quarter earnings fell 32 percent after “the company was forced to take a charge due to rising costs and delays with an amphibious assault ship program it is building for the U.S. Navy,” the Associated Press reported.
Northrop Grumman does extensive aerospace work. Last year, it purchase Scaled Composites, the Mojave, Calif.-based company that is building the SpaceShipTwo suborbital tourism vehicle.