Lockheed Martin has reported a 2% increase in net income to $797m for the third quarter 2009, compared to $782m in the year-ago quarter. Revenue was up 5% at $11.06bn. Skip related content
Operating income increased 2% to $1.27bn, while diluted EPS increased 8% to $2.07. The company generated cash from operations of $1.42bn compared to $1.06bn in 2008, and repurchased 4.6 million shares for $354m.
Lockheed Martin said aeronautics revenue grew 5% to $3.1bn, electronic systems revenue grew 4% to $2.92bn, information systems and global services revenue grew 1% to $2.98bn, and space systems revenue grew 8% to $2.1bn.
During the quarter, the company strengthened its UK management team with the appointment of Alan McCormick as vice president and managing director, succeeding Stephen Ball, who took over as chief executive. The company also named Roger Rose as chief executive of its Indian operations.
Bob Stevens, chairman, president, and chief executive at Lockheed Martin, said: "Our third quarter results keep the Corporation on track to achieve full year 2009 operational and financial commitments. Our diverse portfolio of programs is well positioned to provide critical, global security solutions to our customers as we support their changing program priorities and generate shareholder value."
For fiscal 2009, the company expects revenue between $44.7bn and $45.7bn and diluted EPS between $7.4 and $7.6.
