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Lockheed Makes More Money, Raises Profit Outlook

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Oct 20, 2009 1:31 pm US/Pacific

Lockheed Makes More Money, Raises Profit Outlook

DALLAS (CBS) ―

Click to enlarge 1 of 1: The F-35 Joint Strike Fighter jet sits in front the entrance of the Asian Aerospace 2004 show in Singapore.
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Lockheed Makes More Money, Raises Profit Outlook

Lockheed Martin says third-quarter earnings rose amid a flurry of sales of military aircraft and one commercial satellite delivery, CBS station KTVT-TV reported. It lifted its profit outlook for the rest of the year.

Lockheed maintained its 2009 revenue forecast, but updated its earnings per share outlook by 15 cents at both ends of its guidance range.

Its earnings rose nearly 8 percent to $2.07 per share with revenue up nearly 5 percent. Net earnings for the quarter were $797 million.

Lockheed, the first of the major defense contractors to report for the quarter, is bracing for restrained U.S. defense spending as the Obama administration cuts traditional weapons programs.

Lockheed, based in Maryland, employs thousands of people in North Texas at its airplane factory in west Fort Worth and its missile design facility in Grand Prairie.