UPDATE: Lockheed Martin Posts Drop In Q4 Profit, Projects Higher 2013 Profit

Lockheed Martin LMT reported a drop in its fourth-quarter net profit. It also expects rise in earnings for this year. Lockheed Martin projects 2013 earnings from continuing operations of $8.60 to $9.10 per share on sales of $44.5 billion to $46 billion. Lockheed Martin's quarterly net profit declined to $569 million, from $683 million, in the year-ago period. Its per-share earnings fell to $1.73 from $2.09, missing analysts' estimates. Its sales dropped to $12.1 billion from $12.2 billion. Lockheed Martin shares closed at $96.07 yesterday.