Lockheed Posts Outsourcing GainsLockheed Posts Outsourcing Gains
IT services contractor receives a $400-million contract to provide a range of outsourcing and integration services to HUD.
January 27, 2005
Defense contractor Lockheed Martin Corp. reported Thursday that its sales of IT outsourcing and integration services increased 7% in the fourth quarter ended Dec. 31 and 20% for all of 2004.
For the quarter, Lockheed Martin said its Information and Technology Services business unit increased sales to $1.04 billion from $972 million the previous year. Sales for the full year were $3.8 billion, compared with $3.2 billion in 2003. Lockheed Martin ranks among the top 10 firms in sales of IT services in the U.S., with most of its customers in the defense and government sectors. Earlier this week, the company announced that it received a 10-year, $400-million contract to provide a range of IT services to the federal Department of Housing and Urban Development. HUD also tapped EDS for the project and awarded that company a similar contract. EDS originally was awarded the entire contract but Lockheed Martin protested HUD's decision, claming its bid was lower. Lockheed Martin's overall sales in the fourth quarter rose 11% to $10.0 billion. Net earnings rose 8% to $372 million. For the year, sales rose 12% to $35.5 billion, while net earnings increased 20% to $1.3 billion.
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