Lockheed Profit, Revenue Up Slightly; Debt Reduced by 22%

Lockheed Corp. posted slight gains in earnings and revenue for the first quarter and said it had reduced its long-term debt by more than 22% since the end of last year.

The company said earnings rose 3.6% to $87 million from $84 million last year. Revenue for the period rose 4.8% to $2.2 billion from $2.1 billion a year earlier.

Sales to the U.S. government accounted for 91% of the Burbank firm’s revenue, of which 80% was related to defense work and 11% to non-defense work.

Lockheed also said it has reduced its long-term debt as of March 30 by $142 million, or 22.4%, to a total of $491 million.