Business

April 26, 2012

Lockheed Martin CEO Stevens plans to step down

Lockheed Martin said April 26 that CEO Bob Stevens plans to step down and that its president and chief operating officer, Chris Kubasik, will take on the role at the start of the new year.

The announcement came as the aerospace and defense contractor reports its first-quarter earnings climbed 26 percent on a 6 percent rise in revenue.

Stevens, 60, has served as CEO of the Bethesda, Md., company since 2004 and has worked there for 25 years. He will stay on as chairman through January 2014, subject to shareholder and board approval, the company said.

Kubasik, 51, has served with Stevens in the executive office of the chairman since October 2011.

Marillyn A. Hewson, 58, will succeed Kubasik as president and COO. Hewson currently serves as executive vice president of Lockheed Martin’s electronic systems segment, a position she has held since January 2010. Hewson has worked at Lockheed Martin for 29 years.

The company said Hewson’s successor will be named later this year.

Lockheed Martin also reported April 26 that its first-quarter net income climbed to $668 million, or $2.03 per share, from $530 million, or $1.50 per share. Earnings from continuing operations rose to $2.02 per share from $1.57 per share.

Revenue for the period ended March 25 increased to $11.29 billion from $10.63 billion.

Analysts polled by Fact Set expected earnings of $1.70 per share on revenue of $10.56 billion.

For 2012, the company maintained its guidance for earnings from continuing operations in a range of $7.70 to $7.90 per share and revenue between $45 billion and $46 billion.

Wall Street forecasts earnings of $7.86 per share on revenue of $45.58 billion. AP

 




All of this week's top headlines to your email every Friday.


 
 

 

F-16V completes major capability milestone

The newest configuration of the F-16 Fighting Falcon, the F-16V, has reached a major capability milestone with the integration of a new Active Electronically Scanned Array radar. Completing this milestone on schedule demonstrates our ability to meet program commitments, said Roderick McLean, vice president and general manager of the F-16/F-22 Integrated Fighter Group at Lockheed...
 
 
Lockheed Martin photograph

Robots moving robots: Lockheed Martin conducts first fully autonomous mission

Lockheed Martin photograph A K-MAX unmanned helicopter delivers an SMSS unmanned ground vehicle during a fully autonomous mission demonstration at Fort Benning, Ga. A safety pilot was on board K-MAX but did not operate the cont...
 
 

Lockheed Martin introduces maritime test bed

Using a newly developed advanced maritime test bed, Lockheed Martin recently demonstrated how continually evolving technologies such as data fusion and predictive analytics can be used to share intelligence quickly and securely – even in limited bandwidth naval settings. This new software test platform, designed to mimic different naval environments at sea and ashore, allowed...
 

 

Aerojet Rocketdyne awarded defense contract for large scale additive manufacturing

Aerojet Rocketdyne was recently awarded a contract by Wright-Patterson Air Force Base, Ohio, through the Defense Production Act Title III Office for large-scale additive manufacturing development and demonstration. The contract will secure multiple large selective laser melting machines to develop liquid rocket engine applications for national security space launch services. Aerojet Rocketdyne ...
 
 

U.S. Navy to test, evaluate Lockheed Martin industrial exoskeletons

Lockheed Martin has received a contract through the National Center for Manufacturing Sciences for the U.S. Navy to evaluate and test two FORTIS exoskeletons. This marks the first procurement of Lockheed Martin’s exoskeletons for industrial use. Terms of the contract were not disclosed. The FORTIS exoskeleton is an unpowered, lightweight exoskeleton that increases an operator’s...
 
 
Northrop Grumman photograph by Alan Radecki

Northrop Grumman, Navy integrate manned, unmanned flight ops

https://www.youtube.com/watch?v=RqiOzO8yV4A&feature=youtu.be Northrop Grumman photograph by Alan Radecki The U.S. Navy’s unmanned X-47B conducts flight operations aboard the aircraft carrier USS Theodore Roosevelt (C...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>