Space Systems Contribute To 2Q Lockheed Martin Growth
Lockheed Martin [LMT] today reported that sales and operating profits in its Space Systems segment contributed to the company’s second-quarter growth. For the second quarter, net sales in the Space Systems segment were $1.547 billion, up from $1.544 billion during the same period one year ago. However, operating profit increased by 28 percent, to $129 million, from $101 million during the same period. Lockheed Martin attributed the sales increase to the delivery of a commercial satellite and the timing of sales on fleet ballistic missile programs, which offset a lower volume in launch services. Operating profits were attributed to the additional delivery and improved performance on commercial satellite programs, which offset a decline due to cost growth on a government satellite program.
For the company as a whole, Lockheed Martin reported net earnings for the quarter of $296 million, up from $242 million earned in the same period one year ago.