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
Related Links
Lockheed Martin
Bookmark with:
- Digg
- Reddit
- Del.icio.us
- Facebook
- Newsvine
Sign Up to Exec UK now for FREE!