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Lockheed reports higher earnings for space systems
Posted: Wed, Apr 23, 2003, 10:20 AM ET (1420 GMT)
Lockheed Martin Lockheed Martin reported yesterday increased sales and profits for its space systems division, largely because of increased government business. The company said it recorded $2.08 billion in net sales for space systems in the first quarter of 2003, compared to $1.87 billion the same quarter of 2002. That division had an operating profit of $150 million for the quarter, compared to $112 million in the first quarter of 2002. That increase is primarily due to increased government sales, offsetting a decline in commercial sales. The company said that commercial satellite sales accounted for a small amount of profit — no more than $5 million — in the quarter because of the on-orbit deliveries of two communications satellites, but the launch unit lost $25-50 million because of a lack of commercial launches in the quarter. The company said in a conference call with financial analysts that it is currently bidding on five commercial satellite orders, and expects to win at least one during the second quarter. The company also revealed that it has canceled a deal to sell the LMI-1 communications satellite currently in orbit to Arabsat because of an inability to win US regulatory approval to move the satellite to a new orbital slot.
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