Northrop net falls on shipbuilding slowdown

Defense contractor Northrop Grumman Corp. said Tuesday its net income fell on lower ship system sales, but the results came in ahead of analyst expectations as other parts gained, including its aerospace and information segments. Sales dropped about 4% to $7.18 billion from $7.45 billion, on lower revenue in Northrop’s ship business, as the manufacturer worked to rebuild shipbuilding operations in the Gulf of Mississippi in the wake of Hurricane Katrina.