Lockheed Martin Corp.: The giant defense contractor said Tuesday its second-quarter earnings jumped 26 percent on higher information-technology and satellite sales, beating Wall Street’s expectations and prompting the company to boost its outlook for the year. Bethesda, Md.-based Lockheed reported earnings of $580 million, or $1.34 per share, up from $461 million, or $1.02 per share, in the second quarter of 2005. The 2006 results included one-time gains from stock and land sales that added 3 cents per share. In 2005, the company posted 6 cents of one-time second-quarter gains. Sales were $10 billion, up 7 percent from $9.3 billion during the year-ago quarter. Analysts surveyed by Thom son Financial predicted second-quarter earnings of $1.16 per share, not including the one-time gains, and revenue of $9.76 billion. Lockheed employs about 10,000 people in Colorado, including about 5,000 in the Space Systems division at its Waterton Canyon plant in Jefferson County.
Sun Microsystems: The server and software maker swung to a fiscal fourth-quarter loss as restructuring, acquisition and stock-based compensation costs absorbed revenue that grew 29 percent and exceeded analysts’ expectations. The Santa Clara, Calif.-based company lost $301 million, or 9 cents a share, for the three months that ended June 30, compared with net income of $50 million, or 1 cent a share, in the same quarter of last year. Sales rose to $3.83 billion, from $2.97 billion. With annual revenue declining in four of the past five years, the company has racked up net losses of more than $5.33 billion since 2002, when computer-related spending dried up and lower-cost offerings from competitors encroached on Sun’s turf. Sun employs about 4,500 at its campuses in Broomfield and Louisville.
AT&T Corp.: The giant phone company said Tuesday its second-quarter profit climbed 81 percent, driven by Cingular Wireless and cost-cutting that included the elimination of 3,600 jobs. In addition to topping Wall Street forecasts, AT&T raised its profit-margin projections for the rest of the year, boosting the company’s stock price more than 4 percent to a 52-week high. The San Antonio-based company, known as SBC Communications Inc. until it acquired AT&T Corp. late last year, said it earned $1.81 billion, or 46 cents per share, in the three months that ended June 30. That compared with $1 billion, or 30 cents per share, a year earlier.
Amazon.com Inc.: The world’s biggest online retailer said second-quarter net income fell on higher technology spending and toy-related costs. Net income declined 58 percent to $22 million, or 5 cents a share, from $52 million, or 12 cents a share, a year earlier, Seattle- based Amazon said Tuesday in a statement. Revenue rose 22 percent to $2.14 billion. Chief financial officer Tom Szkutak said Amazon.com will “invest heavily” in its toy and baby-products store following a contract dispute with Toys “R” Us, resulting in the lowered profit estimates.
Archstone-Smith: The Arapahoe County-based owner of apartment communities on Tuesday posted net earnings per share of 77 cents for the quarter that ended June 30, compared with 27 cents per share for the same period in 2005. Funds from operations, a widely used gauge of real-estate operating performance, were 59 cents per share, compared with 46 cents a share for the same period in 2005.
