WASHINGTON - Defense contractor Lockheed Martin Corp. said yesterday that its fourth-quarter earnings rose 28 percent on growth across its military-hardware and other divisions, prompting the company to raise its profit outlook for 2007.
The company has 10,000 employees in the Philadelphia area, primarily in Valley Forge, Cherry Hill, Moorestown and Newtown.
It said net income rose to $729 million, or $1.68 a share, for the three months ended Dec. 31, compared with $568 million, or $1.29 a share, in the year-earlier period. Analysts polled by Thomson Financial had forecast a profit of $1.46 a share.
Revenue for the Bethesda, Md., company was up 6 percent, to $10.84 billion from $10.23 billion in the 2005 quarter on improved sales in most business segments. Analysts had predicted sales of $10.77 billion.
Shares of Lockheed climbed 30 cents yesterday to $97.44 on the New York Stock Exchange.
Lockheed, which makes fighter jets and missiles and is expanding into government information technology, reported that revenue grew in most of its five business areas.
Its systems and IT unit posted $5.7 billion in sales, up 7 percent. Revenue for the space-systems unit, which makes satellites and other space equipment, climbed 8 percent to $2 billion.
Lockheed's core aeronautics unit, which builds planes such as the F-22 and F-35 fighter jets, along with the C-130J cargo plane, posted a 3 percent increase to $3.1 billion after dipping in past quarters. The company has said sales are expected to be lower in the next few years as its big F-16 program phases down and is replaced by new fighters.
The improved aeronautics results led Lockheed to raise its outlook for 2007 by 20 cents a share to $5.80 to $6 a share.