Lockheed Martin has reported its second-quarter earnings have increased 34% to $778m – easily beating analyst expectations.

The company says last year’s second quarter profits were $580m, with this year’s report bringing the year-to-date net earnings up 25% to $1.5bn.

The aeronautics division of the company saw the biggest operating profit increase – by 39% for the quarter. This was despite sales only increasing 4%.

Lockheed says although sales in the space systems division dropped 2%, the decline was expected after the divesture of the International Launch Services business in the fourth quarter of 2006 and the formation of the United Launch Alliance.

An increased focus on information services led to an increase in operating profit by 19%, largely due to organic growth and the acquisition of Management Systems Designers in February of this year.

Analyst projections complied by Bloomberg expected revenue to climb to $10.3bn, with a profit of $1.53 a share.

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Lockheed says revenue increased to $10.7bn with a profit of $1.82 a share.

By staff writer