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T&P Warehouse: Historic building remains in limbo as area redevelops

For years, the historic T&P Warehouse on West Lancaster Avenue downtown, built in 1931 to house freight for the Texas Pacific Railway, has sat vacant and deteriorating.

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Susan Halsey, Fort Worth attorney, business leader, dies

Susan Halsey, a Fort Worth attorney who was also a community and business leader, died on Friday, Dec. 19. Halsey, 55, was chairman for the Fort Worth Chamber of Commerce in 2013-2014, leading the chamber during a year

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Heating up: West Lancaster corridor projects moving forward

West Lancaster Avenue through downtown Fort Worth is heating up, with planners envisioning a lively mixed-use corridor that extends the central business district further south.

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Meridian Bank Texas parent acquired by UMB Financial for $182.5M

Kansas City, Mo.-based UMB Financial Corp., the parent company of UMB Bank, said Dec. 15 it has signed a definitive agreement to acquire Marquette Financial Companies in an all-stock transaction.

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Cousins Properties to sell 777 Main tower in downtown Fort Worth

Cousins Properties Inc. has confirmed plans to sell the 777 Main office tower in downtown Fort Worth, according to a news release from the Atlanta-based real estate investment firm.

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Lockheed Martin second-quarter profit beats analyst estimate

Jonathan D. Salant
(c) 2014, Bloomberg News.
WASHINGTON — Lockheed Martin Corp., the largest U.S. government contractor, topped analysts' estimates for second-quarter profit and sales on the strength of its aircraft division.

Net income rose 3.5 percent to $889 million, or $2.76 a share, from $859 million, or $2.64, a year earlier, in part due to lower pension costs, the company said Tuesday in a statement. The average estimate of 21 analysts surveyed by Bloomberg was $2.66 a share. Lockheed also boosted its full-year profit outlook.

The maker of the F-35 jet, the Pentagon's most expensive weapons system, was the first of the five largest federal contractors to report earnings this week. Like other big Pentagon suppliers, Lockheed has been cutting costs to maintain profitability as government budget reductions and the wind-down of the U.S.-led military presence in Afghanistan hurt sales.

Sales declined less than 1 percent in the quarter to $11.3 billion, and beat the average $11.1 billion estimate of 17 analysts surveyed by Bloomberg.

The Bethesda, Maryland-based company raised its full-year profit outlook to $10.85 to $11.15 a share from $10.50 to $10.80 a share in April. The company affirmed its January estimate of $44 billion to $45.5 billion in sales for the year.

Marillyn Hewson, Lockheed's chairman and chief executive officer, in a statement attributed the higher forecast to "solid program execution and operational performance."

The performance of Lockheed's largest division, aeronautics, provided a buffer in the second quarter. The unit's sales jumped 13 percent to $3.86 billion, helped by the F-35.

Aeronautics was the only division to post a gain in operating profit, propelled in part by the F-22 jet and C-130 transport plane programs. Aeronautics' operating profit rose 11 percent to $453 million in the quarter from a year earlier.

The F-35 development contract had higher operating profit of $85 million due to an adjustment in the second quarter of 2013. Operating profit was comparable for F-35 production contracts.

Lockheed's other units are space systems, mission systems and training, missiles and fire control, and information systems and global solutions.

Lockheed is increasingly relying on the F-35 jet. The program accounted for 18 percent of Lockheed's second-quarter sales, Chief Financial Officer Bruce Tanner said Tuesday in a conference call with reporters.

"That number will only continue to grow," Tanner said. "It's a pretty significant piece of our business."

The jet program accounted for 16 percent of sales in 2013 and 14 percent a year earlier, according to federal regulatory filings.

Federal budget reductions contributed to the fourth consecutive annual decline in U.S. government contracting last year, the longest stretch since Ronald Reagan was president.

In January, President Barack Obama signed a $1.1 trillion spending bill to fund the government through Sept. 30 and alleviate some of the cuts set to take effect under the budget- cutting process known as sequestration.

 

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