Lockheed Profits Rise 23.5% for 1st Quarter
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Lockheed, continuing to benefit from increased defense spending, said first-quarter earnings increased 23.5% on a 31.3% increase in sales over the same period last year. The Burbank-based aerospace company said it earned $84 million in the first three months of 1985 on revenue of $2.1 billion.
About 80% of Lockheed’s sales were to the Pentagon, representing work on Trident I and II nuclear missiles, C5-B and C-130 air transport planes and the super-secret “stealth” jet fighter designed to elude enemy radar.
About 9% came from other government agencies, including a contract from the National Aeronautics and Space Administration for preparation and maintenance of the space shuttle. The rest of Lockheed’s revenue came from foreign and commercial customers.
Lockheed said sales were up in all areas except for the company’s Marine Systems group, where revenue dropped 15% from a year ago because of a slowdown in shipbuilding and repair on the West Coast.
Lockheed has added 900 employees since the end of 1984, bringing its total work force to 82,200.
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