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A Lockheed Martin F-35 joint strike fighter stands on the tarmac at the Australian International Airshow at Avalon airport in Melbourne in this March 2009 file photo. (Australian Department of Defence/Reuters/Australian Department of Defence/Reuters)
A Lockheed Martin F-35 joint strike fighter stands on the tarmac at the Australian International Airshow at Avalon airport in Melbourne in this March 2009 file photo. (Australian Department of Defence/Reuters/Australian Department of Defence/Reuters)

Lockheed sees higher earnings, weaker sales for 2013 Add to ...

Lockheed Martin Corp., the Pentagon’s biggest supplier, said on Thursday that it expected higher earnings this year despite weakening sales, citing a record backlog and continued efforts to cut costs.

Lockheed, which builds everything from F-35 fighter jets, national security satellites to new coastal warships, said earnings per share had dropped 19 per cent to $1.73 (U.S.) in the fourth quarter from $2.14 a year earlier, reflecting a large noncash pension adjustment, higher income tax expenses and a special charge for job cuts in its aeronautics division.

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Analysts polled by Thomson Reuters I/B/E/S had expected fourth-quarter earnings of $1.82 a share.

Lockheed said it expected earnings per share to rise to between $8.80 and $9.10 in 2013, noting that its outlook assumed that the U.S. Congress would avert $500-billion in additional Pentagon spending reductions known as “sequestration” that are due to take effect over the next decade, starting in March.

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