Tuesday, October 25, 2005

Lockheed profit up on plane sales

NEW YORK (Reuters) - Lockheed Martin Corp. (NYSE:LMT - news) said on Tuesday third-quarter profit rose a better-than-expected 39 percent as the No. 1 U.S. defense contractor boosted sales of electronic systems, government satellites and deliveries of its C-130J transport planes.

Lockheed, which makes fighter jets, cargo planes, Patriot missiles and sells a range of technology services, also raised its full-year profit forecast, largely due to a one-time gain from a stock investment, and made its first forecast for 2006 profit, within the range of Wall Street's estimates.

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