1984 Net Income Off Slightly at Grumman
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Grumman Corp. reported net income of $108.4 million in 1984, a slight decline in profits at a time when other major defense firms are showing enormous profit increases. It earned $110.7 million in 1983.
The Bethpage, N.Y.-based aerospace company said the decline resulted from a write-down on a discontinued truck program in one of its non-defense subsidiaries and larger research and development spending in its aerospace business.
Grumman posted 1984 sales of $2.6 billion, up from $2.25 billion in 1983.
For the fourth quarter, Grumman earned $28.1 million on sales of $744.7 million, down from profits of $32.8 million on sales of $618.8 million the year earlier.
The firm said it took a $4.4-million write-down on its Kubvan truck business in the last quarter.
Aerospace sales rose 15% in 1984 to $305 million, but the firm stepped up spending on its troubled A-6 aircraft, its advanced electronics programs and its X-29 research jet, which made its first flight late last year.
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