spacetoday.net: Lockheed space unit reports higher sales, lower profit

Posted: Thu, Apr 23, 2009, 7:30 AM ET (1130 GMT)
The Space Systems division of Lockheed Martin reported slightly higher sales but lower operating profit in the first quarter of 2009, the company reported this week. The Space Systems unit had an operating profit of $212 million on net sales of $1.918 billion in the first quarter of 2009, compared to an operating profit of $231 million on net sales of $1.883 billion for the same quarter of 2008. The company experienced sales growth in both its satellites and space transportation units, thanks to increased government satellite work as well as activity on NASA's Orion spacecraft. However, the decreased profit was primarily blamed on space transportation, due to lower equity earnings from United Launch Alliance, a joint venture with Boeing. Overall Lockheed Martin reported net earnings of $666 million on nearly $10.4 billion in net sales for the quarter; net earnings were down 9% from the same quarter of 2008 largely due to increased pension expenses.