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April 28, 2009

Lockheed Martin Q1 revenue up 4%

The company repurchased 8.1 million shares for $555m

By CBR Staff Writer

Lockheed Martin has reported a 9% decline in net income to $666m for the first quarter 2009, compared to $730m in the year-ago quarter, on revenue up 4% at $10.37 billion.

Operating income grew 4% to $1.19 billion, while diluted EPS fell 4% to $1.68. The company generated cash from operations of $1.2 billion compared to $880m in 2008 and repurchased 8.1 million shares for $555m.

The company said aeronautics revenue grew 1% to $2.78 billion, electronic systems revenue increased 4% to $2.91 billion, information systems and global services revenue grew 10% to $2.76 billion, and space systems revenue grew 2% to $1.91 billion.

Bob Stevens, chairman, president, and chief executive at Lockheed Martin, said: The corporation is off to a solid start in the first quarter of 2009. Our team of 146,000 employees continues to focus on enhancing shareholder and customer value by utilizing the depth and breadth of our capabilities as a global security company.

For fiscal 2009, the company expects revenue between $44.7 billion and $45.7 billion and increased its diluted EPS forecast to $7.15 to $7.35 from the earlier forecast of $7.05 to $7.25.

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