BETHESDA, United States (AFP) - US defense giant Lockheed Martin Corporation said that its third-quarter profits rose above Wall Street forecasts as sales of new high-tech combat jets took off.
Lockheed said net profits ballooned 41 percent to 307 million dollars in the third quarter, up from 217 million dollars from the same period of 2003. The defense contractor also raised its full-year profit forecasts for 2004 and 2005.
For the three months ended September 30, Lockheed reported earnings of 69 cents per share, above Wall Street forecasts that had called for 65 cents, according to Thomson First Call.
Earnings rose from the 48 cents a share notched up a year ago.
"We continue to achieve important milestones, improve operational efficiencies and capture strategic new business, reflecting our rigorous focus on customer needs and shareholder value," Lockheed president and chief executive Bob Stevens said in a statement.
Revenues rose to 8.4 billion dollars in the quarter, up from 8.1 billion a year earlier.
Higher information and technology sales also helped spur Lockheed's profits during the quarter, as did improved electronic systems sales, both of which helped to offset a decline in sales from its space systems unit.
For the full year 2004, Lockheed said it was projecting earnings of between 2.65 and 2.75 dollars per share, and between 3.00 and 3.25 dollars for 2005.
Wall Street expects Lockheed to ring up profits of 2.68 dollars a share in 2004, and 3.29 dollars next year, according to Thomson First Call.
Profits rose as Lockheed sold more C-5 transport aircraft and gained higher sales volume on its F-35 combat jet, its new multi-role military aircraft.
Increased volumes on its F/A-22 program, its new-generation jet for the US Air Force, also helped boost profits on the back of other jet and transport aircraft sales.
10/26/2004 - 16:28 GMT - AFP