Lockheed Martin Profit Jumps

Lockheed Martin ( LMT ) reported a 22% gain in second-quarter profit, helped by sales of its fighter jets.

The Bethesda, Md.-based defense contractor posted net income of $296 million, or 66 cents a share, compared to $242 million, or 54 cents a share, in the year-ago period. Revenue jumped 14% to $8.8 billion.

Analysts were expecting 61 cents a share, based on a survey by Thomson First Call.

For all of 2004, the company forecast EPS of $2.50 to $2.60 on revenue of $33.8 billion to $34.8 billion. The company said results are expected to be closer to the higher end of the range.

The consensus estimates are $2.63 and $34.72 billion, respectively.

During the second quarter, the company's aeronautics unit saw revenue jump to $3.14 billion vs. $2.4 billion in the year-ago period, led by sales of combat aircraft. Lockheed delivered 22 F-16 fighter jets, up from 12 in the comparable quarter. Growth at its space systems unit was virtually flat with revenue of about $1.5. billion.

Shares ended at $52.20 Monday.

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