spacetoday.net: Lockheed reports increased space systems profit

Lockheed reports increased space systems profit

Posted: Wed, Apr 28, 2004, 7:45 PM ET (2345 GMT)

Lockheed Martin reported Tuesday a small increase in revenues and profit from its space systems division in its fiscal first quarter. The company reported an operating profit of $120 million on $1.58 billion in net sales in the quarter ending March 31, compared to $104 million in profits on $1.53 billion in revenues in the same quarter of 2003. The company credited the small increase in revenues on increased launch activity, which offset a decline in commercial satellite deliveries. The increased profit came from additional government support of the Atlas launch vehicle program as well as the termination of am unidentified commercial launch contract. Overall the company reported an operating profit of $536 million on $8.35 billion in net sales for the quarter.