DOW JONES NEWSWIRES Lockheed Martin Corp. (LMT) on Thursday reported a 20% rise in first-quarter profit and left its full-year guidance unchanged as the world's largest defense contractor focused on cost and efficiency measures to counter the uncertain outlook for military budgets. Three of the U.S. group's four business units generated higher sales and profits in what had already been flagged as a quarter lacking big contract awards. U.S. defense contractors have struggled to define the future size and shape of their operations due to uncertainty over Pentagon's budget cuts. Lockheed is viewed as one of the most vulnerable to cuts because of its role in large projects such as the Joint Strike Fighter, and last year said it would shed thousands of jobs amid the belt tightening cuts. The aerospace unit provided the largest contribution as group net profit rose to $668 million in the quarter to March 31 from $556 million a year earlier, with per-share profit rising to $2.03 from $1.50. Higher jet and cargo aircraft sales pushed aerospace revenue up 18% in the quarter, with profit rising 17%. Group margins remained stable at 10.4%. "Throughout the remainder of 2012, we will focus on reducing costs and improving program execution to remain competitive and deliver value," said Lockheed Chief Executive Bob Stevens in a prepared statement. Full-year guidance was left unchanged, with profit seen between $7.70 to $7.90 a share on sales of $45 billion to $46 billion. -By Doug Cameron, Dow Jones Newswires; 312-750-4135; doug.cameron@dowjones.com Order free Annual Report for Lockheed Martin Corp. Visit http://djnewswires.ar.wilink.com/?link=LMT or call 1-888-301-0513 Order free Annual Report for Lockheed Martin Corp. Visit http://djnweurope.ar.wilink.com/?ticker=US5398301094 or call +44 (0)208 391 6028
