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Lockheed Martin 4Q Net Down 29% On Charges, Lower Revenue

DOW JONES NEWSWIRES Lockheed Martin Corp.'s (LMT) fourth-quarter income dropped 29% as the defense contractor posted a handful of special charges, as well as weaker results from its space systems and electronics systems businesses. U.S. defense contractors have struggled to define the future size and shape of their operations due to uncertainty over Pentagon budget cuts. Lockheed Martin, the largest in its sector by sales, is viewed as one of the most vulnerable to cuts because of its role in large projects, and last year said it would cut thousands of jobs amid the belt-tightening. The sector's efforts to boost overseas sales continue. Last month, Japan selected Lockheed to provide its F-35 Joint Strike Fighter as the country's next-generation fleet. The contract was valued at about $4 billion, one of the world's largest military contracts last year. Lockheed Martin also has seen sales and interest in its products from the Middle East increase due to increased nervousness about Iran's nuclear program and in the wake of the Libyan conflict. Lockheed Martin posted a profit of $683 million, or $2.09 a share, down from $961 million, or $2.67 a share, a year earlier. The latest results included a charge of 20 cents related to pensions, 11 cents less research and development tax credits from the year earlier and 9 cents from early debt extinguishment costs. The year earlier period included 8 cents in consolidation costs. Earnings from continuing operations fell to $2.14 from $2.28 cents. Revenue fell 4.3% to $12.21 billion. Analysts surveyed by Thomson Reuters expected earnings of $1.94 a share on revenue of $12.31 billion. Gross margin edged down to 8.1% from 8.3%. In the aeronautics segment, profit rose 11% as revenue increased 0.7%. Sales at the electronics-systems business sank 7.8% while earnings slipped 12%. The information systems and global solutions unit saw revenue decline 3.5% but earnings were up 28%. Space systems revenue fell 7.4% and earnings shrank 7.5%. The company forecast 2012 earnings of $7.70 to $7.90 on sales of $45 billion to $46 billion. Analysts expected a profit of $7.77 on revenue of $46.2 billion. Shares of Lockheed Martin closed Wednesday at $81.73 and were inactive premarket. The stock has risen 7.1% over the past three months. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com;

Stock News for Lockheed Martin (LMT)
DateTimeHeadline
03/30/201713:09:00Tillerson Dropping Human Rights Conditions on Sale of F-16s to...
03/28/201715:37:00Pentagon Shuffles F-35, Air Force One Leadership -- Update
03/28/201711:00:00Lockheed Martin and Northrop Grumman Complete Initial Integration...
03/23/201712:00:00Lockheed Martin F-35 Production Adds Jobs in Johnstown
03/22/201710:00:00First Light: Lockheed Martin-Built SBIRS Satellite Successfully...
03/21/201717:16:00Stronger Dollar May Crimp Lockheed's F-35 Production
03/21/201714:33:00Lockheed Martin CEO Discusses Growth Plans and International...
03/17/201716:22:39Proxy Statement (definitive) (def 14a)
03/16/201711:03:00Lockheed Martin to Deliver World Record-Setting 60kW Laser to...
03/16/201708:04:00Lockheed Martin Selected to Fight Cyber Crime for Department...
03/14/201710:07:00Lockheed Martin Canada Delivers High Fidelity Combat System Trainer...
03/14/201710:07:00Lockheed Martin Canada Delivers High Fidelity Combat System Trainer...
03/13/201709:07:00Lockheed Martin Upgrades Flying Intelligence Testbed
03/08/201719:18:00Sikorsky Offers Continued Support for Commercial Black Hawk Operators
03/08/201718:18:00Sikorsky Recognizes Coast Guard's Extraordinary Legacy of Helicopter...
03/08/201712:30:00Sikorsky Recognizes Helijet for 30 Years of Safe S-76 Flight...
03/08/201710:46:00Updated JASSM® Completes Important Lockheed Martin Flight Tests
03/08/201710:19:00Lockheed Martin Awarded Third Generation USAF Logistics Contract
03/07/201714:00:00Sikorsky Launches Safety Enhancement Program with PHI, Inc. and...
03/07/201709:00:00Sikorsky Announces Ab Initio Pilot Training with Bristow Group

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