Lockheed's Earnings Jump 13 Percent

Washington Post Staff Writer Wednesday, July 23, 2008; Page D01 Not all sectors of the economy are suffering these days. Lockheed Martin, the world's biggest defense contractor, reported a strong second quarter yesterday, with profit up 13 percent compared with the corresponding period last year. The Bethesda company said its net earnings were $882 million ($2.15 per share) for the period ended June 29, up from $778 million ($1.82) in the second quarter of 2007. Revenue rose 3.6 percent, to $11.04 billion. The company's one weak spot was aeronautics, in which it traditionally has been strongest. A shifting market for fighter jets caused revenue to fall 8 percent, to $2.88 billion. Sales rose in the other three major business divisions. Its information systems and global services business jumped 13.4 percent, to $2.86 billion.... [read full story]