Lockheed Reverses 1992 Loss and Posts First-Quarter Profit

Lockheed Corp. on Thursday reported a first-quarter profit of $76 million, reversing a $565-million loss a year earlier caused by one-time accounting adjustments.

When those accounting adjustments weren’t included in the comparison, earnings rose 15%, the defense and space systems giant said.

The $9.04-per-share loss in the January-March period of 1992 reflected mandatory changes in accounting for retiree benefits. Without it, Lockheed earned $66 million, or $1.06 per share, compared with $1.22 per share in the latest quarter.

Sales rose 13%, from $2.2 billion to $2.5 billion, reflecting the Calabasas-based firm’s $1.5-billion acquisition of General Dynamics Corp.’s tactical military aircraft business.