Lockheed Martin net off 29% on 4.3% lower sales

NEW YORK (MarketWatch) -- Lockheed Martin Corp., the Bethesda, Md., aerospace-and-defense major, reported fourth-quarter net income fell 29% on 4.3% lower sales. Net income fell to $683 million, or $2.09 a share, from $961 million, or $2.67, in the year-earlier quarter. Continuing operations generated profit of $2.14 a share against $2.28 a year earlier. Shares outstanding fell 9.2% to 326.7 million. Sales slipped to $12.21 billion from $12.76 billion. A survey of analysts by FactSet Research produced consensus estimates of $1.95 a share of profit on $12.3 billion of revenue. For 2012, LMT expects to earn $7.70 to $7.90 a share from continuing operations on revenue of $45 billion to $46 billion. FactSet's survey is looking for $7.78 a share of profit on $46.2 billion of revenue.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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