Lockheed Martin earnings up, sales down
Lockheed Martin Corp. has announced that its third quarter profits increased 2 percent over last year, but its sales during the period declined 5 percent.
The Bethesda, Md.-based defense contractor (NYSE: LMT) reported net earnings of $782 million or $1.92 per diluted share during the third quarter, compared to $766 million or $1.80 per share last year.
The latest quarter’s earnings were helped by a $44 million, one-time deferred gain from a 2006 sale of a stake in a company. For the year, earnings are up 7 percent to $2.4 billion.
However, the company also reported that net sales were down to $10 faxless payday advances.57 billion, a 5 percent drop from the nearly $11.1 billion recorded in the third quarter of 2007. Sales for the year are up 2 percent to $31.6 billion.
Nonetheless, the company is forecasting slower growth in profits next year because of anticipated weakness in U.S. military spending.
Lockheed Martin employs more than 5,000 people in Central Florida.
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