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updated: 7/26/2011 8:15 AM

Lockheed Martin 2Q profit falls 10 percent

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Associated Press

BETHESDA, Md. -- Lockheed Martin Corp. says its second-quarter profit dropped 10 percent, burdened by a charge tied to some job cuts and a pension adjustment. But its results still topped analysts' expectations.

The aerospace and defense contractor also raised its 2011 earnings forecasts on Tuesday.

Lockheed reported net income of $742 million, or $2.14 per share, for the quarter ended June 26. That's down from $824 million, or $2.22 per share, a year earlier.

The job cuts-related charge lowered earnings by 18 cents per share, while the pension adjustment reduced earnings by 41 cents per share.

Analysts predicted earnings of $1.94 per share.

Revenue rose 2 percent to $11.55 billion from $11.28 billion, topping Wall Street's estimate of $11.45 billion.

Last month Lockheed Martin said it planned to cut 1,200 employees in its space systems equipment division.