Defense giant Northrop Grumman (NYSE: NOC) said its second-quarter net profit fell 27 percent year over year to $520 due to cuts to the US defense budget. Revenue declined 10 percent to $6.6 billion. Military drawdowns in Iraq and Afghanistan have weighed heavily on defense contractors and Northrop garners virtually all of its business from Pentagon spending. With a new deal on the US debt in place, defense contractors are girding themselves for further budget cuts.

Washington-based blue-collar staffing provider TrueBlue’s (NYSE: TBI) second-quarter profits rose to $8.5 million from $7.9 million the previous year on rising demand for its workers. The company’s revenue rose 12 percent to $320 million in the second quarter as operating income rose 30 percent to $13.8 million. The company is upbeat on its prospects for the third quarter; TrueBlue has forecast net income of $11.4 to $13.6 million and revenue of $360 million to $370 million.

MWI Veterinary Supply (NSDQ: MWIV) shares hit an all time high of $90.24 0n Aug. 1 after the company posted robust fiscal third-quarter results. The Idaho-based veterinary products supplier said net income rose 25 percent year over year to $11.4 million. Revenue jumped 18 percent to $410.7 million in the quarter ended June 30.

Kimberly-Clark’s (NYSE: KMB) second-quarter profit dropped 18 percent year over year to $408 million. Rising costs—which increased by $180 million from the previous year—offset an 8.3 percent yearly gain in sales, which came in at $5.2 billion. The company’s gross margins declined to 29.6 percent from 33.8 percent one year ago. Management said it will raise prices and streamline its supply chain to counteract rising input costs.