spacetoday.net: Lockheed space systems report profit

Posted: Wed, Oct 27, 2004, 7:54 AM ET (1154 GMT)

The space systems division of Lockheed Martin reported a profit in its fiscal third quarter, the company announced Tuesday. The division, which includes launch vehicle and satellite manufacturing operations, reported an operating profit of $113 million on $1.43 billion in sales in the quarter, compared to a profit of $95 million on $1.50 billion in sales in the same quarter of 2003. For the year to date the company reported a profit of $362 million on $4.55 billion in sales, compared to $300 million and $4.57 billion in the first nine months of last year. Company officials said in a conference call that they expect to see an increase in revenues in the space systems division in the fourth quarter. The company said increased profitability in its launch vehicles segment, in part because of government support for the Atlas program, offset a decline in profitability in satellite manufacturing because of decreased commercial activity and cost growth in an unspecified government program.