WASHINGTON (-- Defense contractor Lockheed Martin Corp. says its first-quarter earning rose 6 percent as higher sales of space equipment, missiles and other combat tools offset a dip in fighter jet sales.
Lockheed, the world's largest defense supplier, says it earned $730 million, or $1.75 per share, up from the $690 million, or $1.60 per share in the first quarter of 2007. Revenue was $9.98 billion for the quarter, compared with $9.27 billion during the same period last year.
Analysts surveyed by Thomson Financial expected Lockheed to make $1.63 per share on sales of $9.69 billion.
The company also raised its outlook for 2008 by 10 cents, saying it expects to earn between $7.15 and $7.35 for the year on revenue of between $41.8 billion and $42.8 billion. Much of the improvement is expected to come in the company's space division.
Analysts expect Lockheed to earn $7.37 per share on $42.8 billion of revenue.
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