Lockheed Martin profit up, raises outlook

Lockheed Martin Corp said on Thursday quarterly profit rose, on strong sales of its electronic warfare, information and space systems. The world's largest defence contractor, which makes F-16 fighter jets and Patriot missiles, and carries out a host of civil government services, raised its forecast for full-year profit but left it just short of Wall Street estimates.
Lockheed, based in Bethesda, Maryland, reported fourth-quarter profit of $799 million, or $1.89 per share, compared with $729 million, or $1.68 per share, in the year-earlier quarter.
That easily beat Wall Street's average forecast of $1.70 per share. Sales were flat at $10.8 billion, in line with expectations, as higher sales at its electronics, information and space systems units were offset by lower revenue from its aeronautics operation. Lockheed said it had lower revenue from its F-16 fighter jet, which is now made only for overseas forces.