Northrop Grumman sees earnings drop

LOS ANGELES — Northrop Grumman Corp. said Thursday that first-quarter earnings fell 32 percent, as 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 Los Angeles-based company, which has about 1,250 employees in Utah, also lowered its profit estimates for the full year, although it beat Wall Street estimates for the quarter, boosting its shares.

Northrop Grumman reported net income of $264 million, or 76 cents per share, in the quarter ending March 31. That compares to earnings of $387 million, or $1.10 per share, in the year-ago period.

Revenue for the quarter rose 6 percent to $7.72 billion from $7.34 billion.

Northrop shares rose $3.07, or 4.4 percent, to $72.55.