UPDATE 1-Lockheed posts higher profit, boosts 2010 forecast

* Q4 EPS $2.17 vs. $2.05 year earlier

* Sees 2010 EPS $7.15-$7.35; prior view $7.05-$7.25

ATLANTA Jan 28 (Reuters) - Lockheed Martin Corp (LMT.N) reported a higher fourth-quarter profit on Thursday as sales rose, and the world's biggest defense contractor raised its 2010 earnings outlook.

Net earnings rose to $827 million, or $2.17 a share, from $823 million, or $2.05 a share, a year earlier.

The latest period included items that reduced earnings by 16 cents a share, Lockheed said.

Analysts expected profit of $1.99 a share, according to Thomson Reuters I/B/E/S.

Revenue rose 13 percent to $12.52 billion, compared with analysts' estimates of $12.47 billion.

Lockheed said it now expects 2010 per-share profit of $7.15 to $7.35 a share, up from a prior view of $7.05 to $7.25.

Analysts expect $7.41 a share for this year. (Reporting by Karen Jacobs; Editing by Lisa Von Ahn)