Lockheed Profit Handily Beats Expectations

Thursday, 25 Jan 2007 | 7:09 AM ET

Defense company Lockheed Martin cruised past quarterly profit and sales targets, and the company also boosted its profit forecast for the current year.

Lockheed Martin reported fourth-quartet net income of $729 million, or $1.68 a share, up from $568 million, or $1.29 a share in the same quarter of 2005. That was well above the Thomson Financial consensus estimate of $1.46 a share.

Revenues rose 6% from the year-ago period to $10.84 billion, higher than expectations for $10.77 billion.

For 2007, Lockheed Martin boosted its earnings forecast to $5.80 to $6 a share, from $5.60 to $5.80 a share. On average, analysts were predicting a full-year profit of $5.87 per share.

But revenues are expected to be between $40.25 billion to $41.25 billion, down from earlier guidance of $41 billion to $42 billion. That's also below analysts' forecasts for $41.6 billion.

The aerospace and defense giant, based in Bethesda, Md., will host a webcast at 3 pm New York time.

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