{"id":1903,"date":"2013-07-24T12:36:50","date_gmt":"2013-07-24T18:36:50","guid":{"rendered":"http:\/\/peaceeconomyproject.org\/wordpress\/?p=1903"},"modified":"2013-07-24T12:38:48","modified_gmt":"2013-07-24T18:38:48","slug":"lockheed-profit-up-despite-federal-budget-cuts","status":"publish","type":"post","link":"https:\/\/peaceeconomyproject.org\/wordpress\/lockheed-profit-up-despite-federal-budget-cuts\/","title":{"rendered":"Lockheed profit up, despite federal budget cuts"},"content":{"rendered":"

by\u00a0Marjorie Censer<\/a>, Washington Post
\nclick here for original article<\/a><\/p>\n

Bethesda-based\u00a0Lockheed Martin<\/a>\u00a0reported higher profit for its most recent quarter on Tuesday and said automatic government spending cuts\u00a0are taking less of a toll on the company than it had anticipated.<\/p>\n

Earlier this year, the world\u2019s largest defense contractor had said it expected that sequestration \u2014 or the automatic cuts —\u00a0would wipe out $825 million<\/a>\u00a0in anticipated annual revenue.<\/p>\n

But on Tuesday, Bruce L. Tanner, Lockheed\u2019s chief financial officer, said the forecast has improved and that other military accounts, such as operations and maintenance spending, are taking more of the blow from sequestration..<\/p>\n

\u201cWe\u2019re seeing less impact … than we had expected to see through the first half of the year,\u201d he said during a call with reporters. \u201cIt\u2019s somewhat hard for us to imagine that the full impact will be realized.\u201d<\/p>\n

Lockheed reported that quarterly sales hit $11.4 billion, a roughly 4 percent drop from the same three-month period a year earlier. Profits climbed to $859 million ($2.64 per share), up nearly 10 percent from the same quarter the previous year.<\/p>\n

But chief executive Marillyn A. Hewson told reporters that government cutbacks will still affect Lockheed.<\/p>\n

For instance, she said, the cuts might cause the company to restrict the number of flight tests, and Lockheed expects \u201ccontinued delays in government contracts.\u201d<\/p>\n

In its aeronautics group, the company reported stable sales. While profit declined, Lockheed said it got a boost from its F-35 program, which showed increased production volume. The fighter jet program is Lockheed\u2019s largest and has been the subject of criticism from Pentagon officials. Company officials said Tuesday that they are seeing support for the effort.<\/p>\n

Local defense contractors General Dynamics and Northrop Grumman are set to report their earnings Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"

by\u00a0Marjorie Censer, Washington Post click here for original article Bethesda-based\u00a0Lockheed Martin\u00a0reported higher profit for its most recent quarter on Tuesday and said automatic government spending cuts\u00a0are taking less of a toll on the company than it had anticipated. Earlier this year, the world\u2019s largest defense contractor had said it expected that sequestration \u2014 or the […]<\/p>\n","protected":false},"author":1,"featured_media":1906,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[8],"tags":[],"class_list":["post-1903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t