Lockheed Posts 1Q Rise in Earnings
BETHESDA, Md. (AP) _ Defense contractor Lockheed Martin Corp. on Tuesday reported earnings of $54 million, or 14 cents a share, for the first quarter, compared with a loss of $87 million, or 23 cent a share, a year earlier.
Excluding special items, earnings for the quarter were $48 million, or 12 cents a share _ two pennies above the 10 cents a share expected by analysts surveyed by First Call/Thomson Financial. Earnings excluding special items had been $194 million, or 51 cents a share, in the first quarter of 1999.
Sales for the quarter were $5.6 billion, down 10 percent from the $6.2 billion reported in the first quarter of 1999.
At 5 p.m. EDT, Lockheed’s shares were down 31 1/4 cents, or about 1.2 percent, to $25.56 1/4 on the New York Stock Exchange.
``The quarter’s results reflect a corporate-wide effort to improve cash management and working capital levels,″ Vance Coffman, chairman and chief executive officer, said.
``I am confident we will achieve our objective of generating at least $1.3 billion in free cash over the two-year period 2000-2001,″ he said.
In its earnings report, Lockheed said its order backlog rose to $46.6 billion from $45.9 billion at the end of 1999.
The company said it was raising its 2000 earnings outlook from about $1 per share to about $1.05, excluding the effects of any nonrecurring and unusual items, the company said.