Lockheed Falls 4% as Profit Plunges Amid U.S. Budget Cuts
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Lockheed Martin Corp., the U.S. government’s largest contractor, fell the most in more than two years after its fourth-quarter profit plunged 14 percent.
Federal budget cuts sapped the company’s sales in the quarter and contributed to a goodwill writedown and job-reduction charge. Chief Financial Officer Bruce Tanner said he hoped this year would be “a trough” in U.S. defense spending, with future budgets increasing.