Lockheed, Northrop Profit Beats Estimates as Defense Sales Rise |
| Bloomberg - Jul 24, 2007 |
Lockheed Martin Corp., the world's largest defense contractor, and Northrop Grumman Corp. both reported second-quarter profit rose more than analysts estimated on increased Pentagon sales.
Lockheed's net income climbed 34 percent to $778 million, or $1.82 a share. Northrop, the world's largest warship builder, said profit gained 7 percent to $460 million, or $1.31 a share.
Lockheed's sales increased 6.9 percent to $10.7 billion as it stepped up work on two new fighter jets: the F-22 Raptor and F-35 Lightning II. Northrop sales grew 4.3 percent to $7.93 billion, less than analysts' estimated, as it suffered delays on ship programs such as the LHD Wasp-class amphibious assault craft and the DDG 51 destroyer after a monthlong strike.
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- Posted: 2007-07-24 11:40:13
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