Grumman’s Profit Off 23% Despite Rise in Revenue
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Grumman Corp., one of the U.S. Navy’s main sources of fighter planes, reported a 23% decline in earnings for the second quarter, compared to a year earlier, despite an increase in sales.
The Bethpage, N.Y.-based company said in a statement that earnings totaled $17.6 million for the April-June period, compared to $22.8 million for the same period in 1985. Revenue totaled $869.4 million, compared to $732.5 million.
The company blamed the earnings decline on a $32.7-million drop in earnings in its aerospace business, hurt by lower contract prices for aircraft.
Grumman said revenue rose from a $155.4-million contract for two aircraft, the F-14D and A-6F, but the development contracts involve no profit.
For detailed data and results of other companies, please see tables, Page 6.
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