Litton Reports Loss of $50 Million in Quarter
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Litton Industries reported Thursday that it lost an estimated $50 million on revenue of $1.1 billion in the third quarter ended April 30. The Beverly Hills-based conglomerate attributed the loss to a downturn in the oil market affecting its petroleum industry service unit and a stretch-out in a foreign defense contract.
Litton said it took a $110-million writedown in the third quarter on resource exploration assets as a result of efforts to scale down its capacity to align itself with current market requirements.
In addition, a stretch-out of a Saudi Arabian air defense program caused a reduction in the profitability of that contract, and $49 million was charged to operations in the quarter, Litton said.
In the third quarter last year, Litton reported earnings of $81 million on sales of $1.2 billion.
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