BETHESDA, Md. (AP) -- Lockheed Martin Corp. said Thursday its fourth-quarter profit dropped 29 percent, as lower government spending reduced revenue at most of its businesses.
Separately, Lockheed said it named Larry Lawson as executive vice president for aeronautics. He succeeds Ralph Heath, who is retiring after 37 years with the business.
Lawson currently serves as vice president and general manager of Lockheed's F-35 program. The change is effective April 1.
The aerospace and defense contractor reported net income of $683 million, or $2.09 per share, for the three months ended Dec. 31. That's down from $961 million, or $2.67 per share, in the same quarter last year.
Excluding discontinued operations, the company posted a profit of $698 million, or $2.14 per share, down from $821 per share, or $2.31 per share.
Revenue fell 4.3 percent to $12.21 billion from $12.76 billion.
The profit easily beat Wall Street predictions. Analysts, on average, expected a profit of $1.95 per share on $12.3 billion in revenue, according to a FactSet poll.
Aeronautics revenue edged up less than a percent to $3.86 billion, as sales volumes of certain aircraft increased. But sales at Lockheed's electronics, information systems and space systems businesses all fell, mainly as a result of government spending cuts.
Lockheed said the latest quarter's earnings were reduced by a pension expense adjustment, a drop in research and development tax credits, premiums on the early extinguishments of debt and expenses related to a facilities consolidation.
For the full year 2012, Lockheed earned $2.66 billion, or $7.81 per share, down from $2.88 billion, or $7.81 per share, in 2010. Revenue rose to $46.5 billion from $45.67 billion.
For 2012, Lockheed said it expects its sales to total between $45 billion and $46 billion. Analysts expect $46.2 billion in sales for the year.
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