[Satellite Today 07-22-09] Lockheed Martin Space Systems quarterly net sales decreased by 7 percent to $2 billion from $2.2 billion in 2008, according to the company’s second-quarter financial results, released July 21.
    The company said the drop is due to declines in sales of space transportation and satellite systems. Lockheed Martin saw a lower volume in commercial launch vehicle and satellite activities. There were no commercial satellite deliveries for Lockheed Martin during the first six months of 2009. However, the company reported a higher volume in government satellite activities.
    Operating profit for Lockheed Martin Space Systems decreased by 16 percent for the quarter due to lower equity earnings on the United Launch Alliance joint venture and the absence in 2009 of a benefit recognized in 2008 from the successful negotiations of a terminated commercial launch vehicle contract, the company said.
    Overall, Lockheed Martin Corp. saw net earnings drop to $734 million from $882 million in the same period in 2008.