Lockheed edges 4Q

January 25, 2002 Posted: 1348 GMT

NEW YORK (CNN/Money) -- Lockheed Martin Corp. Friday reported that fourth-quarter profits rose excluding one-time items as the aerospace and defense contractor cut its inventory and streamlined costs.

The company said it earned 49 cents a share in the quarter excluding certain items, up from 38 cents a share a year earlier. Analysts on average expected a profit of 48 cents a share, according to earnings tracker First Call.

Sales fell 6 percent to $2.7 billion from $2.9 billion.

Lockheed (LMT: Research, Estimates) stock rose $1.41 to $49.41 Thursday.