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Budget Control Act of 2011
Lockheed profit surges 23%, beats estimates

Lockheed Martin Corp., the U.S. government's top contractor, said its first-quarter profit jumped 23 percent, topping analysts' estimates even as federal budget cuts sapped sales.Net income from continuing operations rose to $933 million, or $2.87 a share, from $761 million, or $2.33 a share, a year earlier, the company said today in a statement. That exceeded the $2.53-a-share estimate of 21 analysts surveyed by Bloomberg.Lockheed's earnings were aided by pension income and profit growth in four of the company's five business units. The biggest increase in operating profit was in the Mission Systems and Training unit, which provides software and technology for government and...

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