Northrop Grumman Corp., Los Angeles, reported a sharp drop in pension income to $23 million for the quarter ended June 30, down from $91 million in the same period a year earlier. For the six months ended June 30, the company reported pension income of $47 million, down from $160 million for the same period a year earlier.
Officials of the company, which has $13.9 billion in defined benefit assets, couldn't be reached about why pension income declined. In previous quarters, they've blamed a decline in the stock market for lowering the performance of the company's pension investments.
The company reported operating earnings before interest, taxes, depreciation, amortization and pension income of $497 million for the quarter, up from $373 million for the same period a year earlier. It reported net income of $182 million for the quarter, up from $175 million for the same quarter a year earlier.