Lockheed's Earnings Up 34 Percent

From the Associated Press:

Lockheed Martin Corp., the world's largest defense contractor, said Tuesday that second quarter earnings rose 34 percent on higher sales across most of its businesses, including fighter jets, missile defense and information technology.

Lockheed also raised its 2007 forecast.

The Bethesda company said it earned $778 million, or $1.82 per share, up from the $580 million, or $1.34 per share Lockheed earned in the second quarter of 2006.

Revenue stood at $10.65 billion, up seven percent from $9.96 billion a year ago. The second quarter results included a $16 million, or 4 cents per share, one-time gain from the sale of a satellite company.

Analysts surveyed by Thomson Financial predicted second-quarter earnings of $1.53 per share per share on $10.2 billion in revenue.

Lockheed also lifted its forecast for 2007, predicting earnings between $6.65 to $6.80 per share on revenue ranging between $41 billion to $41.75 billion. Analysts expect earnings of $6.28 on $41.09 billion in sales.

By Dan Beyers  |  July 24, 2007; 8:16 AM ET  | Category:  Lockheed
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