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Wednesday, April 16, 2008

Northrop to record Q1 charge on assault ship delay

Defence contractor Northrop Grumman expects to take a first-quarter pretax charge of 61 cents to 69 cents a share as quality concerns forced a delay in its program to build an amphibious-assault-ship, sparking a 7 percent slide in its shares.

The company said it will revaluate the cost and schedule to complete the construction of the amphibious assault ship known as LHD-8, and expects a total charge of $320 million and $360 million.

Northrop, which makes warships, nuclear submarines, unmanned surveillance aircraft and a range of military electronics, will now deliver the LHD-8 in the second quarter of 2009 to the U.S. Navy, indicating a delay of six months.

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