Lockheed Martin profit edges up but outlook slides

[January 22, 2009]  WASHINGTON (AP) -- Lockheed Martin says its fourth-quarter earnings rose 3 percent to top Wall Street expectations, but the defense contractor has lowered its 2009 profit outlook on an expected spike in pension costs.

Bethesda, Md.-based Lockheed Martin Corp. says it earned $823 million, or $2.05 per share in the quarter. That's up from $799 million, or $1.89 per share, in the year-ago period.

Sales also grew 3 percent to $11.13 billion, driven by higher results in Lockheed's divisions that make missiles and information technology.

Analysts polled by Thomson Reuters were expecting $1.92 per share in quarterly earnings on $11.08 billion of revenue.

Lockheed now forecasts 2009 profit between $7.05 and $7.25 per share, down from a prior estimated range of $7.65 to $7.90 per share.

[Associated Press]

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