Northrop Grumman Corp., Los Angeles, today reported pension income of $88 million in the quarter ended Dec. 31, a "substantial 31% decline from the $128 million for the same period in 2000. The company blamed the decline in part on a decrease in the companys net income for the quarter, to $131 million from $144 million.
Northrop Grumman reported a pension income of $337 million for 2001, down from $538 million a year earlier. The drop contributed to a 32% decline in the companys net annual income, which fell to $427 million from $625 million, according to the companys release.
The earnings announcement didnt give a reason for the drop in net income, but in previous quarterly statements, the company has attributed declines to poor stock market performance. Spokesmen for the company couldnt be reached for comment by press time.
The companys defined benefit plan has about $15 billion in assets.