Lockheed Martin Profit Edges Up But Outlook Slides

By: Associated Press
By: Associated Press
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The parent company of Colorado's Lockheed Martin Space Systems Company says fourth-quarter earnings rose 3 percent, but it has lowered its 2009 profit outlook on an expected spike in pension costs.

Bethesda, Md.-based Lockheed Martin Corp. says it earned $823 million, or $2.05 per share in the quarter, up from $799 million, or $1.89 per share, in the period a year ago.

Sales also grew 3 percent to $11.13 billion, driven by higher results in Lockheed's divisions that make missiles and information technology.

Analysts polled by Thomson Reuters were expecting $1.92 per share in quarterly earnings on $11.08 billion of revenue.

Lockheed now forecasts 2009 profit between $7.05 and $7.25 per share, down from a prior estimated range of $7.65 to $7.90 per share.

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