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LOCKHEED REPORTS 22 PERCENT INCREASE IN FIRST-QUARTER EARNINGS

 LOCKHEED REPORTS 22 PERCENT INCREASE IN FIRST-QUARTER EARNINGS
 CALABASAS, Calif., April 16 /PRNewswire/ -- Lockheed Corp. (NYSE: LK) today reported first-quarter 1992 net earnings of $66 million, or $1.06 per share, an increase of 22 percent from the $54 million, or 85 cents a share, in the first quarter of 1991.
 First-quarter sales were approximately the same as a year earlier -- $2.23 billion in 1992, compared with $2.24 billion in 1991.
 Lockheed Chairman and Chief Executive Officer Dan Tellep attributed the earnings improvement primarily to higher program profits in the corporation's electronic systems and missiles and space systems businesses, as well as lower interest and other expenses.
 Program profits (before tax) increased to $125 million from $114 million in the first quarter of 1991, reflecting Lockheed's improved profit margins, Tellep said.
 Funded sign-ups of new and follow-on orders totaled $2.2 billion, compared with $2.6 billion in the same period of 1991.
 Funded backlog was $8.7 billion on March 29, down slightly from $8.8 billion at year-end 1991. Total backlog, including unfunded programs under contract with U.S. and foreign governments, was $16.6 billion, compared with $17.1 billion at the end of 1991.
 In the first quarter of 1992, 84 percent of Lockheed's sales were to the U.S. government -- 68 percent in defense and 16 percent in nondefense. Sales to foreign governments accounted for 6 percent, and sales to commercial customers were 10 percent of the total.
 Employment at the end of the first quarter was 71,900, down from 72,300 at year-end 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
 First-Quarter Financial Table
 (Amounts in millions except for per-share data)
 First Quarter 1992 1991 Percent Change
 Sales $2,226 $2,236 ---
 Program profits 125 114 10
 Interest expense 26 29 (10)
 Provision for income taxes 39 29 34
 Net earnings 66 54 22
 Earnings per share
 of common stock 1.06 0.85 25
 Number of shares used to
 compute earnings per share 62.5 63.2 ---
 -0- 4/16/92
 /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


KJ -- LA005 -- 9283 04/16/92 12:05 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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