(Corrects first paragraph to read "net profit" instead of
WASHINGTON, April 22 Lockheed Martin Corp
, the Pentagon's largest supplier, on Tuesday reported a
23 percent jump in net profit and earnings per share in the
first quarter, and raised its earnings outlook for the full year
by 25 cents.
Lockheed, maker of the F-35 fighter jet, satellites and
coastal warships, said revenues fell 4 percent compared to the
first quarter of 2013, with only one of five business segments -
aeronautics - reporting higher sales, as deficit-reducing
measures began to take a toll on military spending.
Higher pension income of $86 million in the first quarter
also helped boost earnings, a big swing from the $121 million
pension expense seen a year earlier, the company said.
Lockheed reported net earnings of $933 million for the
quarter, or earnings per share of $2.87, up from $761 million or
$2.33 per share in the first quarter of 2013.
It forecast earnings per share of $10.50 to $10.80 for the
full year, an increase of 25 cents from its guidance in January,
and left unchanged its forecast of $41.5 billion to $43 billion
(Reporting by Andrea Shalal; Editing by Stephen Coates)