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Politics : Formerly About Applied Materials

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Nov 26 3:59 PM EST

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To: StanX Long who wrote (63136)	4/23/2002 11:51:53 PM
From: StanX Long	Read Replies (1) of 70976

Profits Double at Lockheed host.wallstreetcity.com Apr 23, 2002 (TheStreet.com via COMTEX) -- Lockheed Martin saw its first quarter profits more than double from last year prompting the firm to reiterate its financial targets for this year and next. The number 1 U.S. defense contractor said first quarter earnings rose to $218 million, or 49 cents a share, from $105 million, or 25 cents a share, last year. Excluding discontinued operations, the company reported earnings of 50 cents per share for the quarter. Thomson Financial/First Call had called for a profit of 47 cents a share. Adjusting for an accounting change, and excluding non recurring and unusual items, pro forma earnings hit 40 cents a share in the quarter. Revenue reached $5.97 billion compared to $4.75 billion last year. "We are achieving solid organic sales growth and improved profitability while we continue to maintain focus on mission success and customer satisfaction,'' said Chairman and CEO Vance Coffman. "We are also pleased with our recent credit rating upgrade which reflects confidence in our cash generation, debt reduction and financial discipline.'' The company maintained its 2002 revenue estimate of $25 billion to $25.8 billion and said sales for the year 2003 should be between $26.4 billion and $27.4 billion. The company also reaffirmed its 2002 earnings per share estimate of between $2.45 and $2.50 and said it expects 10% earnings growth in 2003. Lockheed recorded about $8.5 billion in orders during the quarter and said it generated $338 million in free cash flow.

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