Lockheed reports increased space profits in 2008
Posted: Fri, Jan 23, 2009, 7:26 AM ET (1226 GMT)
Lockheed Martin's space division reported Thursday increased profits for all of 2008 despite a decline in sales for the year. Lockheed's Space Systems division reported net sales of $8.03 billion for 2008, compared to $8.20 billion for 2007. However, operating profit for 2008 was $953 million, compared to $856 million in 2007. The company said the decline in net sales was largely due to a decline in commercial satellite business, which was only partially offset by increases in government satellite work and space transportation business. The increase in profit for the year was credited to increased volume on its work on NASA's Orion crew exploration vehicle, higher equity earnings from the United Launch Alliance joint venture with Boeing, and the "successful negotiations" of a terminated commercial launch contract. Overall Lockheed Martin reported an operating profit of $5.1 billion on net sales of $42.7 billion for 2008.
Lockheed Martin's space division reported Thursday increased profits for all of 2008 despite a decline in sales for the year. Lockheed's Space Systems division reported net sales of $8.03 billion for 2008, compared to $8.20 billion for 2007. However, operating profit for 2008 was $953 million, compared to $856 million in 2007. The company said the decline in net sales was largely due to a decline in commercial satellite business, which was only partially offset by increases in government satellite work and space transportation business. The increase in profit for the year was credited to increased volume on its work on NASA's Orion crew exploration vehicle, higher equity earnings from the United Launch Alliance joint venture with Boeing, and the "successful negotiations" of a terminated commercial launch contract. Overall Lockheed Martin reported an operating profit of $5.1 billion on net sales of $42.7 billion for 2008.
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