Rising Sales Help Lockheed Trim Loss
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Lockheed Martin Corp., the biggest U.S. military contractor, said its fourth-quarter loss narrowed to $347 million as the government bought more surveillance satellites and software to manage its databases.
The net loss shrank to 77 cents a share from $3.49 a share, or $1.5 billion, in the same period a year earlier. Sales rose 6.1% to $7.78 billion, Lockheed said.
Lockheed’s performance was hurt by a string of write-offs, including a $504-million charge for telecommunications stock losses and $106 million for its investment in Space Imaging.
Shares of Bethesda, Md.-based Lockheed fell $1.38 to $50.90 on the New York Stock Exchange.
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