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Executive Separation Charge Helps Drag Down Lockheed Martin’s Earnings

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By Calvin Biesecker Lockheed Martin [LMT] yesterday posted a sharp decline in third quarter earnings largely due to a hefty charge stemming from a previously announced voluntary executive separation program as well as other corporate expenses, leading the defense contractor to also lower its earnings guidance for the year. The company also provided a general outline for 2011 expectations, saying earnings would be flat while sales would increase in the low single digits. The weak outlook for next year stems…

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