spacetoday.net: Boeing, Lockheed report quarterly results

Posted: Sun, Oct 29, 2006, 10:53 AM ET (1553 GMT)
Aerospace giants Boeing and Lockheed Martin reported the fiscal third quarter results last week, with Lockheed showing an increase in profits and sales for its space systems division while Boeing announced weaker results. Lockheed's Space Systems division reported an operating profit of $176 million on $1.855 billion in net sales for the third quarter of 2006, compared to an operating profit of $154 million on $1.681 billion in net sales for the same quarter a year ago. The company said that increased volume on both government and commercial satellite programs was the cause for the increased sales, while increased operating profits in its launch services division offset a slight decline in profitability in the satellite unit. Boeing, meanwhile, reported earnings of $228 million on $2.856 billion in revenues for its network and space systems unit for the third quarter of 2006, compared to earnings of $712 million on $3.036 billion in revenues for the same quarter of 2005. The company said that reduced activity in non-space systems caused the decrease in revenue, while the 2005 profit figures include a one-time $569-million gain from the sale of Rocketdyne to Pratt and Whitney.