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Lockheed Martin reports big loss, Boeing posts profit
Posted: Mon, Jan 28, 2002, 8:52 AM ET (1352 GMT)
Lockheed Martin Lockheed Martin reported a $1.5 billion fourth quarter loss on Friday, mostly due to the closure of its Global Communications business, while its leading rival, Boeing, announced a profit earlier in the week. Lockheed Martin announced a loss of $3.49 per share in the fourth quarter, and $2.42 per share for all of 2001, which includes a $3.19/share writeoff in the fourth quarter to close its Global Telecommunications business. Lockheed Martin's Space Systems segment reported earnings of $105 million for the quarter and $408 million for the year, a modest improvement over 2000 despite a seven-percent decline in sales in 2001. Earlier in the week, Boeing reported 2001 earnings of $3 billion, despite taking a post September 11 hit on its commercial aircraft division. Boeing's Space and Communications division reported 2001 earnings of $619 million, compared to $340 million in 2000. The increase is largely due to the growth of missile defense and classified programs and the inclusion of Boeing Satellite Systems, the former Hughes Space and Communications satellite builder.
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