Lockheed Martin has reported net profits of $1 billion for 1998, 23% down on the $1.3 billion of 1997. Turnover stood at $26.26 billion, down from $28.07 billion. The US aerospace giant suffered even sharper falls in the last quarter, with net profits down 66% to $125 million, compared with $371 million in the same period in 1997. Earnings were hit by $183 million expenses from closure of its CalComp Technology subsidiary.

Source: Flight International