Profits rise for Lockheed Martin

Source: Exec Digital USA

Date :23/10/2007 09:45:38

The world's largest defense contractor, said on Tuesday third-quarter profit rose a greater-than-expected 22 percent on higher sales of its jet fighters and electronic warfare systems.

Lockheed, who carry out a host of civil government services and currently makes F-16 fighter jets and Patriot missiles is thriving on record Pentagon spending and strong demand for its jet fighters both in the United States and overseas.

The Bethesda, Maryland-based company reported quarterly profit of $766 million, or $1.80 per share, compared with $629 million, or $1.46 per share, from a year-ago beating the average estimate of $1.64 per share.

On-track performance

Sales also climbed, helped by gains in each of its four main operating units, spanning aircraft, electronic systems, information technology and space rising 16 percent to $11.1 billion where analysts' average estimate was $10.39 billion.

“We have a track record of performing very well and we beat expectations continually," newly-appointed Chief Financial Officer Bruce Tanner said.

For the full year, Lockheed raised its profit forecast by five cents to a range of $6.70 to $6.85 per share, because of slightly lower anticipated costs.

It kept its sales forecast in the range of $41 billion to $41.75 billion.

October 23 2007

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