Lockheed Martin 4Q profits drop amid budget cuts

Bethesda, Md.-based Lockheed Martin Corp., the U.S. government’s biggest contractor, said its fourth-quarter profits plunged 14 percent as federal budget cuts sapped sales and led to a goodwill writedown and job-reduction charge.

Net income from continuing operations dropped to $488 million from $569 million a year earlier, according to Bloomberg Businessweek.

In November, Lockheed Martin announced it would eliminate 4,000 jobs and close some operations. The company had leased space inside Jordan Valley Innovation Center in downtown Springfield before vacating late last year.

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