Litton Industries Inc.'s net income rose 3 percent in its fourth fiscal quarter but was off 4.4 percent for the year, the high-technology conglomerate reported today.
For the three months that ended July 31, Litton posted earnings of $76.1 million ($2.06 a share) on sales of $1.12 billion compared with a year earlier when it earned $73.9 million ($1.72) on sales of $1.15 billion.
For the full year, the company netted $299.5 million ($7.27) on sales of $4.59 billion in contrast to the previous year when it earned $313.4 million ($7.32) on revenue of $4.61 billion.
Because the company has been selling some assets during the past two years, the full-year earnings for fiscal 1984 included $36 million in profits from units that had been sold in fiscal 1985. Profits from continuing operations rose to $299.5 million in fiscal 1985 from $277.4 million the previous year.
The per-share earnings reflected Litton's $1.31 billion repurchase in June of 35.8 percent of its stock, decreasing its number of common shares to 36.75 million from 42.46 million.
The largest profit increase came in the company's industrial systems and services segment, which posted operating profits of $142.6 million, a gain of 34 percent.