Posted: Wednesday, October 26th 2011 at 9:08am
Lockheed Martin 3Q profit up 5 percent
By The Associated Press
BETHESDA, Md. - Lockheed Martin Corp., which has a huge aircraft assembly plant in Marietta, says its third-quarter net income jumped 25 percent on higher sales and profits in its aeronautics division.
The aerospace and defense contractor on Wednesday reported net income of $700 million, or $2.10 per share, for the quarter. That's up from $560, or 1.54 per share, a year earlier.
The company reported adjusted net income from continuing operations of $1.99. Analysts predicted $1.81 per share.
Revenue during the quarter rose 3.5 percent to $12.12 billion from $11.34 billion, beating Wall Street's estimate of $11.74 billion.
The company raised its earnings forecast for the year to a range between $7.40 and $7.60 per share, from between $7.35 and $7.55 per share.
Analysts had expecteded full-year net income of $7.52 per share.
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