Grumman Corp. said stringent cost controls and...
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Grumman Corp. said stringent cost controls and improved cash management helped the company overcome weak defense spending and post a 47% rise in fourth-quarter earnings, the company said Monday.
Bethpage, N.Y.-based Grumman, the nation’s ninth-largest defense contractor, said earnings jumped to $24.5 million, or 71 cents a share in the quarter, from $16.7 million, or 48 cents a share, in the 1990 period.
Revenues edged higher to $1.14 billion from $1.12 billion.
Grumman said its debt at the end of last year fell to $722 million from $782 million, while cash and marketable securities rose by $170 million.
For the year, Grumman earned $99.3 million.
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