January 23, 2014 / 12:15 PM / in 4 years

Lockheed eyes 2014 as 'trough' for U.S. defense spending

WASHINGTON, Jan 23 (Reuters) - Lockheed Martin Corp Chief Financial Officer Bruce Tanner said on Thursday he was hopeful that 2014 would mark a “trough,” or “bottoming out,” in U.S. military spending, with recent budget agreements paving the way for a more stable outlook going forward.

Tanner said most of the company’s projected increase in earnings per share in 2014 was linked to improved pension impacts due to a higher discount rate and lower liabilities after years of pension payments by the company.

He said the company was focused on boosting international sales. Foreign orders accounted for 23 percent of orders received and 17 percent of sales in 2013, with revenues set to grow a “little under 20 percent” in 2014, he said.

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