Lockheed Order Backlog to Cushion Tough 2012

WASHINGTON (Reuters) - Lockheed Martin Corp , the Pentagon's largest supplier, forecast broadly flat sales and operating profit for 2012, with a record high order backlog helping it to cope with cuts in U.S.

Lockheed Martin Corp , the Pentagon's largest supplier, said on Tuesday it could face hundreds of millions of dollars in business claims from suppliers if $500 billion in additional defense spending cuts ...

WASHINGTON (Reuters) - Lockheed Martin Corp , the Pentagon's largest supplier, said on Tuesday it could face hundreds of millions of dollars in business claims from suppliers if $500 billion in additional defense spending cuts take effect in January, as currently mandated.

By Jeff Paul:Defense firms have underperformed during the last six months, mainly due to concerns over budget cuts. President Obama has called for $400B in defense spending reductions over the next decade, and the wars in Iraq and Afghanistan have started to wind down. With the need to reduce our national debt, it is highly probable that future defense spending will be significantly lower than in the last decade.