Lockheed Martin’s Space Systems division had a 9 percent sales in...
Lockheed Martin’s Space Systems division had a 9 percent sales increase in Q3, versus Q2, the company said on Tuesday. It credited the growth to “higher volume in commercial satellite and government satellite activities.” Still, the division’s operating profit…
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fell 3 percent to $236 million because of performance adjustments in its government satellites program, the company said. Revenue from space transportation increased due to higher equity earnings on its joint venture with Boeing, the United Launch Alliance, and volume on the Orion program it’s working on for NASA, it said. Through the first three quarters, profit declined from a year earlier at Lockheed’s space systems division, which includes satellites, space transportation and strategic and defensive missile systems, the company said without releasing the numbers. The space transport decrease resulted mainly from a 2008 accounting benefit from successful negotiations over a terminated commercial launch contract, it said. Lockheed said satellite profit fell because of a reduction in commercial satellite activities. The company’s net profit totaled $797 million.