Northrop Grumman Corp.'s first-quarter earnings fell 34% from a year...

Northrop Grumman Corp.’s first-quarter earnings fell 34% from a year earlier, largely due to a decline in its pension income. The Los Angeles-based defense contractor announced today that its net income for the first quarter was $103 million, or $1.42 per share, compared with net income of $156 million, or $2.23 a share, for the first quarter last year. The company had warned investors several months ago that it expected the drop. Operating profits for the first quarter included $69 million in pension income, significantly lower than the $140 million the company reported a year earlier.