PARIS — Lockheed Martin on July 22 said its Space Systems division revenue dropped by 11 percent in the three months ending June 29 compared to the same period a year ago on sales declines in U.S. Defense Department satellite programs.
Bethesda, Maryland-based Lockheed said revenue from the Advanced EHF and Mobile User Objective System military communications satellite constellations have dropped from a year ago as they move to deployment.
Space Systems revenue was $1.85 billion for the three months ending June 29, down from $2.09 billion last year.
Despite the sales dip, Space Systems operating profit dipped only marginally. As a percent of sales operating profit actually increased, to 13.4 percent from 13.2 percent, mainly because of equity contributions fromof Denver, in which Lockheed Martin and Chicago-based Boeing each holds a 50 percent share.
equity earnings, which are reported as operating profit, totaled $80 million, or 32 percent of Space Systems’ total operating profit for the quarter, up from $75 million a year ago.
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