(By Balachander) Lockheed Martin Corp. (NYSE:LMT) reported a 20 percent jump in quarterly earnings on sales growth, and the aerospace company named Chris Kubasik as CEO,succeeding Bob Stevens, who announced his intent to retire.
Earnings from continuing operations increased to $665 million or $2.02 per share for the first quarter from $556 million or $1.57 per share in the year-ago quarter.
Net sales rose 6.6 percent to $11.3 billion, helped by 18 percent and 4 percent growth at its Aeronautics and Electronic Systems segments, respectively.
Analysts, on average, polled by Thomson Reuters expected earnings of $1.70 per share on revenue of $10.56 billion.
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Looking ahead for the full year, the company still expects earnings per share from continuing operations in the range of $7.70 to $7.90 on sales between $45 billion and $46 billion. Analysts expect earnings of $7.78 per share on revenue of $45.6 billion. Segment operating profit in now projected to be in the range of $5.075 billion to $5.175 billion from prior view of $5.025 billion to $5.125 billion.
The Bethesda, Maryland-based company operates in four business segments: Aeronautics; Electronic Systems; Information Systems & Global Solutions (IS&GS); and Space Systems.
Lockheed Martin said President and COO Kubasik will take over as CEO effective January 1, 2013. Stevens will remain chairman through January 2014.
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The stock, which has been trading between $66.36 and $91.89 over the past year, ended Wednesday's regular trading at $90.89.