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Thursday, 28 April 2011

Lockheed Martin to pursue growth outside US

The Financial Times
April 26, 2011

Lockheed Martin, the largest US defence contractor by revenues, expects a strong rise in international sales to provide most of its growth over the next two to three years, while US sales are flat, the company said on Tuesday.

It made the prediction as it reported first-quarter earnings from continuing operations up 12 per cent at $1.55 per share, roughly in line with analysts’ expectations. The company raised its projection of expected full-year earnings slightly, to $6.95-$7.25, from previous guidance of $6.70-$7, thanks to a $90m benefit from a successful appeal over tax payments for 2003-08.

Although the immediate budget crisis in the US has passed with the agreement to avoid a government shutdown, Lockheed is still facing a future of constrained military funding in its home country, which accounts for about 85 per cent of revenues.
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