Lockheed Makes Big Financial Gains; Bob Stevens Comments

Lockheed Martin (NYSE: LMT) reported the following second quarter 2010 results: “net sales of $11.4 billion, a 3 percent increase over the $11.1 billion in 2009. Earnings from continuing operations for the second quarter of 2010 were $727 million, or $1.96 per diluted share, compared to $731 million, or $1.87 per diluted share, in 2009. Cash from operations in the second quarter of 2010 was $1.2 billion, compared to $1.1 billion in 2009.”

“We had strong second quarter financial results, ” Chairman and CEO Bob Stevens said. “Operationally, we’re continuing to implement affordability initiatives that will enhance performance and lower cost, and our dedicated workforce is focused on meeting our commitments. Strategically, we decided to divest two units and realign others to strengthen performance over the long term. In the new reality of escalating demands and increasing constraints on resources, we continue to refine our portfolio of capabilities and services to provide the best, most affordable solutions for our customers, a secure future for our employees and value for our shareholders.”

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