Lockheed 2Q earns up 12 pct on hardware sales

BETHESDA, Md. (AP) - Defense contractor Lockheed Martin Corp. says its second-quarter net income rose 12 percent thanks to stronger military hardware sales and a gain from plans to sell off a business unit.

The company earned $825 million, or $2.22 per share, up from $734 million, or $1.88 per share in the same quarter last year.

Revenue rose 4 percent to $11.44 billion from $11.07 billion.

Even excluding tax gains over a unit Lockheed is trying to sell, the company's earnings of $727 million, or $1.96 per share, topped Wall Street expectations.

Analysts were looking for $1.78 per share.

Lockheed also raised its per share outlook on a lower expected share count, but trimmed its revenue forecast because of upcoming divestments.