Lockheed Martin 1Q profit falls on health charge

[April 21, 2010]  BETHESDA, Md. (AP) -- Defense contractor Lockheed Martin says its first-quarter earnings fell 18 percent after it was hit from a big charge due to the recent U.S. health care overhaul.

Lockheed also lowered its 2010 net income outlook by 15 cents per share because of the elimination of a tax deduction for Medicare-related expenses.

Lockheed earned $547 million, or $1.45 per share, down from $666 million, or $1.68 per share a year ago. Revenue rose 3 percent to $10.64 billion from $10.37 billion.

The results still beat Wall Street profit forecasts of $1.34 per share.

Lockheed Martin Corp., based in Bethesda, Md., is the Pentagon's biggest supplier of military equipment like fighter jets, missiles and computer technology.

[Associated Press]

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