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 company’s 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 company’s net annual income, which fell to $427 million from $625 million, according to the company’s release.
The earnings announcement didn’t 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 couldn’t be reached for comment by press time.
The company’s defined benefit plan has about $15 billion in assets.
