Business

July 24, 2012

Lockheed Martin second quarter profit up, boosts 2012 outlook

Lockheed Martin posted a 5 percent increase in second-quarter net income thanks in part to strong commercial satellite deliveries.

The Bethesda, Md., aerospace and defense contractor also raised its full-year profit guidance citing the better-than-expected quarterly results.

For the quarter ended June 24, Lockheed Martin earned $781 million, or $2.38 per share, up from $742 million, or $2.14 per share, in the same quarter last year.

The recent quarter’s results included $97 million in charges related to recent job cuts at the company’s aeronautics and space systems businesses, along with a tax benefit of $89 million. When combined the two items increased the recent quarter’s profit by 8 cents per share. Pension-related costs also reduced the company’s profit by 39 cents per share.

Sales rose 3.3 percent to $11.92 billion from $11.54 billion.

The results easily beat Wall Street predictions. Analysts, on average, expected a profit of $1.91 per share on $11.31 billion in revenue, according to a FactSet poll.

Sales of space systems jumped 18 percent to $2.38 billion, boosted by a $285 million increase in commercial satellite deliveries. Electronics sales rose 2.3 percent to $3.87 billion, while aeronautics sales rose less than a percent to $3.41 billion.

Information systems and global solutions revenue fell 4.2 percent to $2.26 billion, as a key contract concluded, the company said.

Lockheed Martin left its full-year revenue prediction of $45 billion to $46 billion in place, but raised its 2012 profit prediction to a range of $7.90 to $8.10 per share. The company previously projected a profit of between $7.70 and $7.90 per share.

Analysts polled by FactSet expect a profit of $7.84 per share on $46.5 billion in revenue.




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