Lockheed Profit Down 8.8 Percent

Lockheed Martin said today that first-quarter profit fell 8.8 percent, to $666 million, as a pension adjustment decreased earnings. Revenue rose 3.9 percent, to $10.37 billion. Chief executive Bob Stevens called it "a solid start" to 2009.

The contractor also updated its 2009 guidance, saying it expects profit to be $7.15 to $7.35, up from $7.05 to $7.25 it predicted in January. That gain largely comes from share repurchases.

The Information Systems and Global Services unit saw the biggest sales gain, with revenue rising 10 percent in the first quarter. The only of the four units to see a decline was Aeronautics, whose revenue fell 1 percent due largely to lower volume on F-22 and F-16 programs.

Shares are up just slightly today.

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By Terri Rupar  |  April 21, 2009; 10:46 AM ET
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