Lockheed Martin earnings surge 23%

Lockheed Martin Corp. (LMT: US), the U.S. government’s top contractor, said its first-quarter profit jumped 23 percent, topping analysts’ estimates even as federal budget cuts sapped sales.

According to Bloomberg Businessweek, net income from continuing operations rose to $933 million from $761 million a year earlier.

The contractor also is forecasting up to $44.5 billion in sales for 2014.

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