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Lockheed space systems unit sees increased sales, profit
Posted: Wed, Oct 24, 2007, 8:53 AM ET (1253 GMT)
Lockheed Martin Lockheed Martin's space division reported increased revenues and profits in the fiscal third quarter of 2007, the company announced Tuesday. The Space Systems division reported net sales of $2.21 billion and an operating profit of $222 million for the quarter, compared to net sales of $1.85 billion and operating profit of $176 million for the same quarter of 2006. The company said that increases in its satellites product line, both commercial and government, as well as missile systems, were largely responsible for the increase, offsetting declines in space transportation caused by Lockheed's divestiture of its stake in International Launch Services and the creation of United Launch Alliance. The company did warn, though, that it anticipates commercial satellite sales to slow in in 2008. The company overall reported net sales of $11.1 billion and an net earnings of $766 million for the quarter.
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