WASHINGTON — Northrop Grumman Corp. reported Wednesday its first quarter profit rose by nearly 50 percent, boosted by higher sales of its electronic systems and progress made in its shipbuilding sector. The No. 2 defense contractor handily beat Wall Street’s expectations and raised its outlook for the rest of the year. Northrop Grumman expects to record a pretax gain of up to $70 million in the second quarter tied to a legal settlement with the U.S. government. For the full story click here
