spacetoday.net: Lockheed reports higher space profits

Lockheed reports higher space profits

Posted: Wed, Jul 25, 2007, 8:01 AM ET (1201 GMT)

Lockheed Martin's space division reported a higher profit Tuesday in its fiscal second quarter even though sales fell as a result of the formation of a joint venture. Lockheed Martin's Space Systems unit reported an operating profit of $214 million in the second quarter on net sales of $2.07 billion, compared to $189 million in operating profit on $2.10 billion in sales in the same quarter of 2006. The decline in sales was expected, company officials said, since Atlas launch vehicle sales are no longer included in the company's figures since the formation of the United Launch Alliance at the end of last year. That decline was partially offset by an increase in satellite sales. Lockheed Martin overall reported an operating profit of $1.23 billion on $10.65 billion in net sales for the second quarter.