- The Washington Times - Friday, July 19, 2002

Lockheed Martin Corp., citing strong sales in its aircraft division and a $90 million tax credit, reported yesterday that earnings more than doubled in the second quarter.

The Bethesda defense contractor reported a 135 percent increase in earnings, to $339 million (75 cents per share) from $144 million (33 cents) a year earlier.

Lockheed, manufacturer of the F-16 jets in use by the U.S. forces in Afghanistan, said it is benefiting from increased government defense spending in its aircraft and computer-services divisions.

Sales increased 9 percent, with sales in aeronautics jumping 46 percent, the company said in a statement. The increase came from more deliveries of C-130J's, as well as work on the F-35 Joint Strike Fighter and F-22 combat aircraft programs.

"Aeronautics is a great position to propel the company forward," said Harry Breach, an analyst with Banc of America Securities, who rates Lockheed Martin a "strong buy" and says he doesn't own the shares.

Excluding the impact from the company's settlement of its tax-credit claim for research and development, earnings were 58 cents per share.

"I think they are going to be able to beat their numbers going forward," said Charles Dyreyes, an analyst with Glenmede Trust Co.

Lockheed recently won a $17 billion contract to supply ships for the U.S. Coast Guard and a $105 million contract from the U.S. Transportation Department to train 32,000 government workers on screening carry-on luggage at airports.

Other area companies reporting earnings yesterday:

•Provident Bankshares Corp. of Baltimore, parent company of Provident Bank, said second-quarter profits rose 23 percent to $10.4 million (40 cents per diluted share) from $8 million (30 cents) a year earlier.

•Legg Mason Inc., the Baltimore-based global financial services company, reported a second-quarter earnings increase of 38 percent to $49 million (71 cents per diluted share) from $35.4 million (52 cents) a year earlier.

•SLM Corp., the Reston-based student loan corporation also known as Sallie Mae, posted a 17 percent increase in second-quarter profits to $179 million ($1.11 per diluted share) from $153 million (90 cents) a year earlier.

•Dominion Resources Inc., the Richmond owner of Virginia's largest utility, reported a 75 percent increase in its second-quarter profits to $272 million (97 cents) from $155 million (62 cents) a year earlier.

•Mercantile Bankshares Corp., the Baltimore owner of community banks and mortgage company, said its second-quarter profits increased 5 percent to $46.9 million (67 cents per diluted share) from $44.6 million (62 cents) a year earlier.

•Danaher Corp., a Washington-based tool manufacturer, reported a 10 percent rise in second-quarter profits to $103.7 million (66 cents) from $94.2 million (63 cents) a year earlier.

•Municipal Mortgage & Equity and its subsidiaries, also known as MuniMae and MuniMae Midland, of Baltimore said earnings for the second quarter rose 15 percent to $15.4 million (49 cents) from $13.4 million (48 cents) a year earlier.


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