Lockheed Martin Corp., the biggest
U.S. defense company, and Raytheon Co. said fourth-quarter
earnings gained because of increased U.S. military spending. Both
companies said 2004 profit would be hurt by pension costs.
Bethesda, Maryland-based Lockheed had a quarterly profit
after a loss in the year-earlier period, as sales rose 15
percent. Profit at Raytheon, the fourth-largest U.S. defense
contractor, increased 40 percent as sales climbed 9.4 percent.
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Sales at Lockheed benefited from rising U.S. spending to
develop new jets such as the Joint Strike Fighter, while Waltham,
Massachusetts-based Raytheon was helped as the U.S. replenished
its inventory of missiles and satellite-guided bombs used during
the war with Iraq. Pension costs will stifle the benefit of
higher military spending, the companies said.
Bloomberg News
