Northrop Grumman Corp. on Tuesday reported that its third-quarter profit grew despite costs incurred from hurricane-related damage to its Ship Systems facilities on the Gulf Coast.

The Los Angeles-based defense contractor reported net income of $293 million (81 cents per share), compared with $278 million (76 cents) for the like period a year earlier. Revenue was $7.45 billion, nearly unchanged from $7.41 billion the year before.

A charge of 30 cents per share for hurricane damage was partially offset by a 15-cent gain from selling 2.1 million shares of Endwave Corp. stock. Third-quarter net income also reflects a $5 million gain on disposal of discontinued operations; third quarter 2004 results included a $13 million loss related to discontinued operations.

Northrop also announced a new program to buy back $1.5 billion, or 8 percent, of its 355 million shares of outstanding common stock over the next year to 18 months.

Northrop saw sales growth across all its segments, except its shipbuilding unit. Sales in its Newport News and Ship Systems sectors fell 20 percent due to hurricane-related damage and work delays. Integrated Systems sales increased 23 percent from the prior year’s third quarter, and Mission Systems sales rose 11 percent. Sales in its Information Technology unit edged up 4 percent from the year before, and Space Technology sales increased 2 percent.

The company expects full-year income from continuing operations of $3.60 to $3.70 per share, within range of analyst forecasts.

Shares of Northrop fell 1.8 percent to settle at $52.92 on Tuesday.