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Lockheed Martin space unit reports quarterly revenue decline and leadership change
Posted: Fri, Jan 25, 2013, 6:13 AM ET (1113 GMT)
Aerospace company Lockheed Martin reported a drop in quarterly revenue and operating profit for its space division in the most recent quarter on Thursday, and separately announced the head of that unit was retiring. Lockheed's Space Systems division reported a quarterly operating profit of $232 millon on $2 billion in net sales for the fourth quarter of 2012, compared to $287 million in operating profit on $2.124 billion in net sales for same quarter of 2011. The company said government satellite programs, including the SBIRS missile warning satellites and MUOS communications satellites, accounted for the bulk of the declines in each. For all of 2012, though, the company reported an increase in both sales and profit: an operating profit of $1.083 billion on $8.347 billion in net sales for 2012, compared to $1.063 billion on $8.161 billion in 2011. Separately, the company announced that Joanne Maguire, executive vice president in charge of the Space Systems division, will retire effective April 1. She will be replaced by Rick F. Ambrose, Maguire's deputy in that division.
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