Lockheed 2Q profit up 13 percent

By STEPHEN MANNING AP Business Writer BETHESDA, Md. — Lockheed Martin Corp. said Tuesday that second-quarter earnings rose 13 percent as a drop in its fighter jet business was offset by higher sales in its space, electronic systems and information technology units. The nation's largest defense contractor also raised its outlook for the year. Lockheed said it earned $882 million, or $2.15 per share, in the second quarter, up from $778 million, or $1.82 per share in the same quarter last year. Revenue grew 4 percent to $11 billion from $10.65 billion a year ago. The second quarter includes a 14 cent one-time gain from a settlement with the federal government over land sales. Analysts polled by Thomson Financial expected profit of $1.88 per share on $10.86 billion in revenue. Lockheed now expects to earn between $7.45 per share... [read full story]