spacetoday.net: Lockheed space unit reports increased sales, lower profit

Posted: Wed, Oct 21, 2009, 8:59 AM ET (1259 GMT)
The space unit of Lockheed Martin reported increased sales in its the third quarter of 2009, but slightly lower profit, the company announced Tuesday. Lockheed's Space Systems division had an operating profit of $236 million on net sales of $2.073 billion for the third quarter of 2009, compared to an operating profit of $244 million on $1.908 billion in net sales for the same quarter of 2008. The company said sales growth in its satellites unit, primarily by government work, more than offset declines in sales elsewhere in the division. The decline in operating profit was linked to "absence of favorable 2008 performance adjustments on government satellite programs", which offset improved profits in its space transportation unit. Overall Lockheed Martin reported an operating profit of $1.085 billion on $11.056 in net sales for the third quarter of 2009.