Lockheed’s Profit Leaps 16% in Fourth Quarter

Lockheed Corp., the big defense and aerospace company, reported 16% higher fourth-quarter earnings Tuesday, with profit margins higher in many sectors.

The Calabasas-based firm earned $119 million in its fourth quarter, or $1.95 a share, against $103 million, or $1.63 a share, during the last quarter of 1991. Revenue rose 6%, from $2.76 billion to $2.92 billion.

Lockheed posted fourth-quarter operating income, or earnings before interest and taxes, of $211 million from its government programs, up from $185 million a year ago.

The company’s contracts include building the Trident II submarine-launched missile, space station Freedom and the F-22 fighter.

Chairman Daniel M. Tellep said profit improved in Lockheed’s missiles and space, aeronautical and electronics services businesses.

Lockheed’s total backlog at the end of the year was $19.4 billion, up from $17.1 billion a year earlier. The portion of the backlog already funded by the government was $8.9 billion, up slightly from $8.8 billion a year earlier.

New and follow-on orders during 1992 totaled $10.2 billion, down from $11 billion in 1991.