spacetoday.net: Lockheed reports 2003 profit

Posted: Wed, Jan 28, 2004, 11:15 AM ET (1615 GMT)

Aerospace company Lockheed Martin reported a profit in both the fourth quarter of 2003 and the full year for its space systems division as well as for the company overall. Lockheed's Space System division reported an operating profit of $103 million in its fiscal fourth quarter, compared to $66 million in the same quarter of 2002. For the entire year the division reported a profit of $403 million on net sales of $6.02 billion, compared to profits of $279 million on sales of $5.29 billion in 2002. Both the satellite and launch vehicle units reported increased profits within the division in 2003, thanks to an increase in government satellite work and increased performance from the Titan vehicle program that will soon be retired. Overall Lockheed Martin reported net earnings of $1.05 billion on $31.8 billion in net sales in 2003, compared to $500 million on $26.6 billion in 2002. The company cautioned that its earnings outlook in 2004 would be diminished by increased pension fund payments in the coming year.