Lockheed Martin Corp. raises 2008 forecast due to good fourth-quarter results

By Alexa Steblinina. Lockheed Martin Corp.’ fourth-quarter profits rose 10 percent due to strong information systems and space systems businesses.

Photo: Lockheed Martin Corp. raises 2008 forecast due to good fourth-quarter results

A profit of $799 million, or $1.89 per share was reported. The results have surpassed expectations. Net sales were flat at $10.84 billion.

Lochheed increased its forecast for 2008 earnings per chase to $7.05 – 7.25 per share.

Lockheed Martin is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. It is headquartered in Bethesda, Maryland, a community in Montgomery County, Maryland, and employs 140,000 people worldwide. Robert J. Stevens is the current Chairman, President, and Chief Executive Officer.

Lockheed Martin is the world's largest defense contractor (by revenue). As of 2005, 95% of Lockheed Martin's revenues came from the United States Department of Defense, other U.S. federal government agencies, and foreign military customers.

A team led by prime contractor Lockheed Martin won the 2006 Collier Trophy for the development of the F-22 Raptor fighter jet. The Collier Trophy is the highest award in the United States aviation industry.

Source: agencies