By REUTERS
Published: October 24, 2007
Lockheed Martin posted a third-quarter profit yesterday that beat Wall Street expectations, but it said profit next year would be slightly below analysts estimate.
Lockheed Martin, the worlds largest military contractor, makes F-16 fighter jets and Patriot missiles and provides various civil government services.
It slightly raised its full-year earnings forecast but set initial guidance for next year a little below Wall Streets average estimate.
Lockheed, based in Bethesda, Md., reported quarterly profit of $766 million, or $1.80 a share, compared with $629 million, or $1.46 a share, in the quarter a year earlier. That easily beat Wall Streets average estimate of $1.64 a share, according to Reuters Estimates. Sales rose 16 percent, to $11.1 billion.
For the full year, Lockheed raised its profit forecast by 5 cents, to $6.70 to $6.85 a share.
For 2008, Lockheed said it expected profit of $6.95 to $7.15 a share, on sales of $41.25 billion to $42.75 billion.
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