Lockheed Martin Reports Quarterly Earnings of $727 Million

Lockheed Martin Corporation (LMT) announced second-quarter earnings from continuing operations of $727 million, compared with $731 million in the second quarter of 2009.

Net sales rose 3% to $11.4 billion from $11.1 billion in the same quarter in 2009, Lockheed said in a statement.

The company placed the results from its Pacific Architects and Engineers unit in discontinued operations, as Lockheed is actively seeking to sell the unit and expects to complete the transaction this year.

"We had strong second quarter financial results," CEO Bob Stevens said. "In the new reality of escalating demands and increasing constraints on resources, we continue to refine our portfolio of capabilities and services to provide the best, most affordable solutions for our customers."

Lockheed raised its forecast for 2010 diluted earnings per share from continuing operations to $7.15 to $7.35. The company previously forecast a range of $7 to $7.20.