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Robert J. Stevens

Lockheed Martin Reports Sharp 3Q Profit Decline on Ailing Demand

Lockheed Martin (NYSE:LMT) slipped Tuesday morning after reporting a 28% drop in third-quarter profit as the company continues to shrink amid declining US demand for defense weaponry, topped by contract delays and cancellations.The Bethesda, Md.-based company posted net earnings of $571 million, or $1.57 a share, compared with $797 million, or $2.07 a share, in the same quarter last year, just beating average analyst estimates polled by Thomson Reuters of $1.56.Earnings were impacted by $1.05 billion in contributions to the company’s pension fund and a voluntary buyout program for 600 executives valued at $178 million.The costs paid for early separation are related to the company's decision to downsize amid ailing demand. This year, the fighter jet maker decided to divest most of its Enterprise Integration Group, Pacific Architects and Engineers, as well as two businesses within Information Systems & Global Solutions. Revenue for the defense contractor was $11.4 billion, up 6% from $10...

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