Lockheed Martin Posts $734M Quarterly Gain

Lockheed Martin, the Bethesda-based defense contractor, said it made $734 million, or $1.88 per share, for the quarter. That compared with $882 million ($2.15) for the same time period last year.

Sales were up slightly to $11.2 billion from $11 billion.

"Our second quarter results reflect recent changes in program priorities undertaken by our government customers as well as performance challenges in our [information systems and global services] business segment," said Bob Stevens, the company's CEO.

Defense Secretary Robert Gates has proposed cutting some of the weapons programs made by the company, including the presidential helicopter.

--Dana Hedgpeth