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.


 
 

 

Headlines October 20, 2014

News: Navy grounds ‘Top Guns’ - The F/A-18s needs spare parts and in too many cases they’re being taken from brand new jets. This is a risk to national security and pilots’ lives.   Business: Boeing seeks revised schedule for U.S. aerial tanker - Boeing is revising its master schedule for developing the new U.S. Air Force...
 
 

News Briefs October 20, 2014

New military medical team to help with Ebola in U.S. Defense Secretary Chuck Hagel has ordered the military to prepare and train a 30-member medical support team that could provide short-term help to civilian health professionals if there are more Ebola cases in the United States. His spokesman, Rear Adm. John Kirby, says the team...
 
 

Dragon ‘fires up’ for flight

The Air Force and NATO are undergoing a cooperative development effort to upgrade the avionics and cockpit displays of AWACS aircraft belonging to the 552nd Air Control Wing at Tinker Air Force Base, Okla., and the NATO E-3 Sentrys from Geilenkirchen, Germany. The Diminishing Manufacturing Sources Replacement of Avionics for Global Operations and Navigation, otherwise...
 

 
Boeing photographs

Boeing-built X-37B successfully completes third flight

Unmanned spacecraft concludes record-setting 674-day mission   Boeing photograph A third mission of the Boeing-built X-37B Orbital Test Vehicle was completed on Oct. 17, 2014, when it landed and was recovered at Vandenberg...
 
 

Boeing concludes commercial crew space act agreement for CST-100/Atlas V

Boeing has successfully completed the final milestone of its Commercial Crew Integrated Capability Space Act Agreement with NASA. The work and testing completed under the agreement resulted in significant maturation of Boeing’s crew transportation system, including the CST-100 spacecraft and Atlas V rocket. NASA in July approved the Critical Design Review Board milestone for Boeing’...
 
 

AF to release small business research solicitations

The Air Force Small Business Innovation Research and Small Business Technology Transfer program office is set to release its fiscal year 2015 list of topics Oct. 22, on the SBIR/STTR website.  Small businesses and research institutions with expertise to address the topics’ technology challenges are encouraged to submit proposals. During 2014, the Defense Department SBIR...
 




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>