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EARNINGS ROUNDUP / LOCKHEED MARTIN

Defense firm's profit rises 2.1%

October 22, 2008|Times Wire Reports

Lockheed Martin Corp., the world's largest defense company, said third-quarter earnings increased 2.1% as a gain from the sale of a Russian rocket-launching venture helped make up for lower sales of jets and satellites.

The shares fell the most in six years after Lockheed predicted 2009 profit that trailed analysts' estimates. Quarterly net income climbed to $782 million, or $1.92 a share, from $766 million, or $1.80, a year earlier. Sales fell 4.7% to $10.6 billion, the Bethesda, Md.-based company said. Profit beat analysts' estimates, while sales missed.

Lockheed shares fell $9.03, or 9.7%, to $84.19.

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