Lockheed Profit Increases 10.3% in Quarter on 18% Gain in Sales
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Lockheed earned $96 million on sales of $2.6 billion in the second quarter, a 10.3% increase in profits on an 18% increase in sales, the company said.
The improved earnings resulted primarily from higher sales in the corporation’s two largest business segments--missiles, space and electronics systems and aeronautical systems. Reduced interest expense also contributed to the improved earnings, Lockheed said.
As of June 29, Lockheed’s funded backlog totaled $8.5 billion, compared to $9 billion at the end of 1985. Not included in the 1986 funded backlog were programs under contract with the U.S. and foreign governments valued at $9.8 billion.
Lockheed’s total debt on June 29 was $329 million, compared to $633 million at the end of 1985. The company is expected to take on about $1.2 billion of additional bank debt in connection with its acquisition of Sanders Associates announced last week.
Employment on June 29 was 87,700, compared to 87,800 at the end of last year.
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