Lockheed Corp. on Thursday reported a 22%...

Lockheed Corp. on Thursday reported a 22% increase in first-quarter profits as it pared down debt. The Calabasas-based firm, citing improved performances by its electronics, missile and space businesses, reported profit of $66 million, or $1.06 a share, up from $54 million, or 85 cents a share, a year earlier.

Chairman Daniel M. Tellep said lower interest costs also contributed to the gain.