Manufacturing Industry
Defense contractors post first-quarter gains. (Industry Newsline).
Industrial Maintenance & Plant Operation, May, 2003
Large defense contractors Raytheon Co., Lockheed Martin Corp. and Boeing Co. reported strong first-quarter gains last month, due to increased defense spending from both U.S. and foreign customers. Lockheed Martin, based in Bethesda, MD, reported $7.1 billion for the period, an 18% increase over first-quarter 2002. Raytheon, based in Lexington, MA, reported first-quarter sales of $4.2 billion, up 7.5% from the same period a year ago. And Boeing Co., Chicago, reported first-quarter revenues of $6.3 billion for its defense business, an 18% gain over last year.
Both Raytheon and Lockheed said their gains were not due to orders stemming from the war in Iraq. The company said its backlog of unfilled orders had hit a record $26.7 billion.
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