Lockheed Martin Space Business Post First Quarter Gains

[Satellite Today – 4-22-08] Lockheed Martin’s Space Systems segment reported higher revenues and operating profit in the 2008 first quarter due to growth in the space transportation business, Lockheed Martin reported April 22.
    The segment posted revenues of $1.9 billion in the first three months of 2008, an increase of 5 percent over the same period in 2007. Sales growth in space transportation due to higher volume on the Orion program partially was offset by declines in the strategic and defensive missile systems and satellites businesses. In satellites, reduced volume in government satellite activities partially was offset by an increase in commercial satellite activities. There was one commercial satellite delivery in the first quarter of 2008 and no deliveries during the first quarter of 2007.
    Segment operating profit increased 25 percent to $231 million in the first quarter of 2008, compared to $185 million in the first quarter of 2007. Operating profit gains in space transportation, driven by the United Launch Alliance joint venture, partially were offset by a decline in satellites due to lower volume on government satellite activities.
    Overall, Lockheed Martin reported first quarter earnings of $730 million on revenues of $10 billion, compared to earnings of $690 million on revenues of $9.3 billion a year ago.