Lockheed reports drop in profit despite sales bump

Despite an increase in sales, Lockheed Martin reported Tuesday that its third-quarter profit fell 28 percent, due in part to the cost of an early-exit program for executives.

The Bethesda defense contractor reported earnings of $571 million ($1.57 a share) in the three months ended Sept. 26, down from $797 million ($2.07) a year earlier. Revenue rose nearly 6 percent, to $11.38 billion.

The company paid $178 million for early-exit packages that 600 executives accepted in exchange for leaving Lockheed. Bruce L. Tanner, Lockheed's chief financial officer, said in an interview that the company expects to quickly recoup those costs.

Read Full Article from Washington Post

- Posted: 2010-10-20 05:21:04

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