Losses For Litton, But Some Hope
Litton Industries, battered by an ill-timed move into industrial automation software, reported a $58 million loss for its fourth quarter ended July 31. To blame was a $120 million pretax charge for closing most of the company's Integrated Automation Div. But with that out of the way, analysts are expecting things to pick up at the $5 billion Beverly Hills (Calif.) defense contractor and oil-services company. The analysts envision profits of $175 million this year, vs. $64 million in fiscal 1991, thanks to improved margins in industrial automation hardware and up to 30% growth in oil services.