Lockheed Martin posts quarterly profit

Lockheed Martin posts quarterly profit

FILE PHOTO – U.S. Marine Corps Lt. Col. Richard Rusnok flies a Lockheed Martin F-35B Lightning II Joint Strike fighter jet during Exercise Valiant Shield 18 at Iwo To, Japan, September 18, 2018. Picture taken on September 18, 2018. Seth Rosenberg/U.S. Marine Corps/Handout via REUTERS

(Reuters) – Pentagon’s No.1 weapons supplier Lockheed Martin Corp, reported a quarterly profit on Tuesday, compared with a year-ago loss, lifted by demand for its F-35 fighter jets.

The company posted earnings from continuing operations of $1.25 billion, or $4.39 per share, in the fourth quarter ended Dec. 31, compared with a net loss of $817 million, or $2.85 per share.

In the year-ago quarter, the company took a one-time charge of $1.9 billion related to the U.S. tax overhaul.

Net sales rose to $14.41 billion from $13.84 billion.

Reporting by Rama Venkat in Bengaluru; Editing by Sriraj Kalluvila

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