UPDATE: Lockheed Martin Q1 Profit Up 14.8%

Lockheed Martin LMT reported a 14.8% rise in its first-quarter net income. Lockheed Martin's quarterly net profit surged to $761 million, or $2.33 per share, from $668 million, or $2.03 per share, in the year-ago period. Its revenue fell 2% to $11.1 billion from $11.3 billion. However, analysts were expecting a profit of $2.04 per share on revenue of $10.3 billion. Lockheed Martin shares closed at $95.85 yesterday.