Lockheed Martin fourth-quarter earnings flat on higher pension costs

Lockheed Martin 4Q earnings nearly flat

BETHESDA, Md. — Defense contractor Lockheed Martin Corp. says its fourth-quarter earnings were little changed from a year ago, as larger profits from cargo plane and jet fighter sales were offset by higher pension expenses.

Lockheed is raising its earnings for 2010 by a dime a share, saying pension costs should be lower.

Lockheed says it earned $827 million, or $2.17 per share, in the last three months of 2009. That’s up from $823 million, or $2.05 per share, a year ago. The company reduced its outstanding stock through fourth-quarter buybacks, bumping up its earnings per share results.

It says revenue rose 13 percent to $12.5 billion on better sales of military planes and satellites. But Lockheed also had a $114 million pension expense.

Analysts expected $1.99 per share on revenue of $12.47 billion.