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LOCKHEED REPORTS 10 PERCENT INCREASE IN SECOND-QUARTER EARNINGS

 LOCKHEED REPORTS 10 PERCENT INCREASE IN SECOND-QUARTER EARNINGS
 CALABASAS, Calif., July 16 /PRNewswire/ -- Lockheed Corp. (NYSE: LK) today reported second-quarter net earnings of $77 million, or $1.24 per share, an increase of 10 percent from $70 million, or $1.11 per share, in the second quarter of 1991.
 For the first six months of 1992, net earnings were $143 million, or $2.30 per share, compared with $124 million, or $1.96 per share, in the first half of 1991.
 Sales rose slightly, from $2.43 billion in the April-June quarter of 1991 to $2.48 billion this year and from $4.67 billion in the first half of 1991 to $4.71 billion in the first six months of 1992.
 Daniel M. Tellep, Lockheed chairman and chief executive officer, attributed the earnings gains primarily to higher program profits in the corporation's aeronautical and electronic sectors.
 Program profits (before tax) were 10 percent above the year- earlier periods in both the second quarter and the first half. For the second quarter, program profits increased to $148 million from $134 million last year. First-half program profits rose to $273 million from $248 million in 1991.
 During the first six months of 1992, 67 percent of Lockheed sales was for defense-related U.S. government work, while 15 percent was for nondefense U.S. government work. Sales to foreign governments accounted for 8 percent of the total, and 10 percent was to commercial customers.
 Funded sign-ups of new and follow-on orders during the first six months of 1992 totaled $4.35 billion, compared with $4.38 billion in the first half of 1991.
 Funded backlog was $8.4 billion at the close of the second quarter on June 28, 1992, compared with $8.8 billion at year-end 1991. Total negotiated backlog, including unfunded programs under contract with U.S. and foreign governments, was $15.9 billion at the end of June 1992, compared with $17.1 billion at year-end 1991.
 Employment on June 28, 1992, was approximately 71,400, compared with 72,300 at the end of 1991.
 Lockheed, headquartered in Calabasas, is a world leader in defense and space systems technology, designing and producing missiles, electronic systems, satellites and military aircraft, as well as providing a wide range of government and commercial aeronautical, space, environmental and engineering services.
 LOCKHEED CORP.
 Second-Quarter Financial Table
 (Amounts in millions except for per-share data)
 Percent
 Six Months 1992 1991 Change
 Sales $4,706 $4,666 1
 Program profits 273 248 10
 Interest expense 56 60 (7)
 Other income, net 10 2 400
 Provision for income taxes 84 66 27
 Net earnings 143 124 15
 Earnings per share of
 common stock: 2.30 1.96 17
 Number of shares used to compute
 earnings per share 62.2 63.3
 Second Quarter
 Sales 2,480 2,430 2
 Program profits 148 134 10
 Interest expense 30 31 (3)
 Other income, net 4 4 ---
 Provision for income taxes 45 37 22
 Net earnings 77 70 10
 Earnings per share
 of common stock: 1.24 1.11 12
 Number of shares used to compute
 earnings per share 61.9 63.3
 -0- 7/16/92 R
 /CONTACT: Bob Slayman, 818-876-2468 or Scott Hallman, 818-876-2477, both of Lockheed/
 (LK) CO: Lockheed Corp. ST: California IN: ARO AIR SU: ERN


JL -- LA032 -- 0019 07/16/92 17:37 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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