June 2009 -- Lockheed Martin Corp. got a solid start to 2009, said the company in its first-quarter earnings release. Net earnings in the first quarter of 2009 were $666 million, or $1.68 per diluted share, compared with earnings of $730 million, or $1.75 per diluted share in the same period of 2008. Revenue grew to $10.4 billion versus $10 billion in the year-ago period.
"The corporation is off to a solid start in the first quarter of 2009," said Bob Stevens, Lockheed Martin Corp. chairman, president and CEO, in an earnings release. The company pointed out that 2009 net earnings were impacted by a $114 million pension adjustment, which lowered its earnings.
The advanced technology manufacturer and defense contractor also revisited its 2009 financial outlook in the first quarter. Net sales for the year are projected to be in a range of $44.7 billion to $45.7 billion, which is equivalent to the outlook provided in January 2009. However, Lockheed Martin increased its outlook for diluted earnings per share, projecting in a range of $7.15 to $7.35, which compares with a range of $7.05 to $7.25 provided in January. The company says the increased projection in the earnings range relates primarily to lower average diluted shares outstanding because of share repurchases.
