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Northrop Grumman’s Earnings Tumble On Ship Charge But Still Beat Estimates

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By Calvin Biesecker As expected, Northrop Grumman's [NOC] first quarter profits plunged due to a hefty charge at its shipbuilding operations yet the company still managed to beat analysts' expectations due to higher sales and improved performance. Earlier this month the company disclosed major problems with construction of the LHD-8 amphibious assault ship for the Navy due to poor management controls and a large pool of inexperienced workers at its shipyard in Pascagoula, Miss., which is also impacting work on…

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