CEO Robert Stevens

Lockheed Martin Corp. announced Monday a reorganization of its Electronic Systems business, including appointing a new head of the division, which makes the Aegis ballistic missile and the Pac-3 surface-to-air guided missile. Marillyn Hewson, 55, will leave her post as president of Systems Integration-Owego to become executive vice president of Electronic Systems, effective Jan. 1. The new leadership changes follows Christopher Kubasik's promotion last month to president and chief operating officer of the corporation. Kubasik previously led the division, which had 2008 sales of $11.6 billion. Additionally, the defense contractor said it will be realigning its Electronic Systems business areas to improve affordability and ... Read Full Story

ATLANTA (Reuters) - Lockheed Martin Corp <LMT.N>, the top U.S. defense contractor, posted higher third-quarter profit and raised its 2009 outlook on Tuesday, but added that it expects per-share earnings to fall in 2010. Net earnings came to $797 million, or $2.07 a diluted share, for the third quarter, compared with $782 million, or $1.92 a share, a year earlier. The company said the latest results include a pension adjustment and a tax benefit from the resolution of a U.S. Internal Revenue Service examination that together decreased per-share profit by 4 cents a share. Analysts had expected profit of $1.83 a share, according to ... Read Full Story

Among the premarket stories for Wednesday, Oct. 21, from AP Financial News: Yahoo Inc. shares rose before the market opened after the company posted strong profit margins for the third quarter. An analyst downgraded shares of Lockheed Martin Corp., citing its weak earnings outlook for next year amid concerns about possible delays in a key fighter-jet program. Some analysts expect Wal-Mart Stores Inc. may announce plans at its analysts' meeting that it will accelerate U.S. store growth next year. Wall Street is also looking to hear details of more price-cutting strategies as the retailer heads into the holiday season. Shares of SanDisk Corp. rose ... Read Full Story

WASHINGTON (Reuters) - Lockheed Martin Corp <LMT.N> on Thursday said its board had elected Christopher Kubasik as the company's president and chief operating officer, a reorganization aimed at strengthening program oversight in an increasingly difficult environment for U.S. defense spending. Bob Stevens, who currently serves as president, will continue as chairman and chief executive officer, allowing him to increase his focus on high-level customers and efforts to strengthen the company strategically, operationally and financially, Lockheed said in a statement. Kubasik's successor as executive vice president of the company's Electronic Systems business area, which had 2008 sales of $11.6 billion, would be named soon and ... Read Full Story

Dec. 9 (Bloomberg) -- Lockheed Martin Corp.’s $766 million program to develop an Internet-like radio for the military may transform battlefront communication the same way Apple Inc.’s iPhone did for the civilian market, an Army official said. Read Full Story