Posted: Wed, Jul 23, 2008, 7:02 AM ET (1102 GMT)
Lockheed Martin's space division reported increased sales and profit in the second quarter on Tuesday. The Space Systems unit of Lockheed recorded an operating profit of $268 million on net sales of $2.2 billion in the second quarter of 2008, compared to an operating profit of $214 million on $2.07 billion in the same quarter of 2007. The sale growth was credited to work on NASA's Orion spacecraft, which offset a decline in satellite volume. Orion work was also credited with the increase in profit, along with higher equity earnings from Lockheed's stake in the United Launch Alliance joint venture, and commercial satellite work. Overall, the company reported an operating profit of $1.36 billion on $11.04 billion in net sales for the quarter.

Related Links:

•  Washington Post article
•  Bloomberg News article
•  AP article
•  Reuters article
•  Lockheed Martin press release