Lockheed Martin Corp expects across-the-board U.S. budget cuts to have a bigger impact on the company's results in the second and third quarters of 2013, Chief Financial Officer Bruce Tanner told reporters on Tuesday.
Tanner said Lockheed's sales and earnings were higher than expected in the first quarter, despite the implementation on March 1 of mandatory budget cuts that will affect the Pentagon, Lockheed's biggest customer, and the U.S. government.
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But those cuts are likely to have a bigger impact on Lockheed's results in the coming two quarters, he said.
(Reporting By Andrea Shalal-Esa; editing by John Wallace)