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Lockheed Income Rises 21.8% in Quarter, 3.2% for Full Year

February 02, 1988|From Associated Press

Lockheed Corp. said Monday that its earnings rose by 21.8% in the fourth quarter and 3.2% for the year because of incentive fees on its Trident missile program and higher sales and profits from its space and CalComp units.

For the three months ened Dec. 27, the Calabasas company earned $134 million, compared to a year earlier when it netted $110 million. Revenue rose 13% to $3.21 billion from $2.84 billion.

Profit for the full year rose to $421 million from $408 million. Sales for the year were up 6.7% to $11.32 billion from $10.16 billion.

Eighty-eight percent of Lockheed's 1987 sales were made to the U.S. government, with more than four-fifths of those to the Defense Department. Sales to commercial customers accounted for 8% of the company's revenue, while sales to foreign governments accounted for 4%.

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