Lockheed Martin IT division growth

Defence contractor increases half-year sales and profits

Lockheed Martin's IT and consultancy sales are up 17 per cent

Lockheed Martin, the world’s largest defence contractor, has increased second quarter sales by seven per cent to $10.7bn (£5.2bn) after higher than expected jet sales.

The company has increased full year sales and earnings forecasts following increased profits by 34 per cent to $778m (£377m) and $1.5bn (£727m) to date.

Although its aircraft division generates the biggest sales, Lockheed Martin's electronics and information systems divisions is also growing.

Sales of its electronic systems, including air defence and fire control programs, are up eight per cent for the quarter and six per cent for the first six months of the year. The division's profits have also risen 22 per cent for the quarter due to improved performance on platform integration and distribution technology.

Meanwhile, sales at its information systems and global services division jumped 17 per cent following the acquisition of Management Systems Designers and an increase in mission and combat support systems.

‘Our second quarter financial performance reflects our focus on program execution and a continuing commitment to our customers,’ said Lockheed Martin chief executive Bob Stevens.