Lockheed Profit Up 13 Percent

From the Associated Press

Lockheed Martin said second-quarter profit rose 13 percent, to $882 million ($2.15 a share) from $778 million ($1.82), as a drop in its fighter jet business was offset by higher sales in its space, electronic systems and information technology units. Revenue grew 4 percent, to $11 billion from $10.65 billion.

The second quarter includes a 14 cent one-time gain from a settlement with the federal government over land sales.

Bethesda-based Lockheed now expects to earn $7.45 to $7.60 per share on revenue of $41.9 billion to $42.9 billion in 2008, citing the land settlement and higher projected profits across its businesses. In April, the company had forecast yearly results of $7.15 to $7.35 per share on revenue of $41.8 billion to $42.8 billion.

Bruce Tanner, the company's chief financial officer, said the second-quarter results and raised outlook reflected company-wide strength. "We had nearly flawless execution across all four business areas," he said in an interview.

Lockheed said sales will probably dip in the aeronautics sector until next year as it shifts production to the newer F-35 fighter. Sales in that division slid in the quarter, dropping 8 percent to $2.9 billion. The electronic systems unit, which makes missile technology and other equipment, rose 6 percent, to $3.1 billion. Information systems and global services, which includes the IT unit, posted the biggest rise, up 13 percent to $2.9 billion. Space systems saw sales grow 6 percent to $2.2 billion.

By Terri Rupar  |  July 22, 2008; 10:22 AM ET  | Category:  Earnings
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