Lockheed’s 3rd-Quarter Profit Increases 6%

Lockheed Corp. reported a 6% increase in third-quarter profit on a 4% increase in sales.

In the quarter ended Sept. 30, the Calabasas-based defense contractor earned $86 million, compared with $81 million a year earlier, and its sales climbed to $2.47 billion from $2.38 billion.

Lockheed attributed the earnings gain to higher profits from its aeronautical and electronics lines.

For the first nine months of 1992, Lockheed’s net income rose 12%, to $229 million from $205 million a year earlier, and its nine-month sales edged up 2%, to $7.18 billion from $7.05 billion.

The company said 68% of its sales in the latest nine months came from defense-related U.S. government work, down from 72% a year earlier, and an additional 15% of its sales stemmed from U.S. non-defense work.