Defence cuts hang over Lockheed

Sales at Lockheed Martin, the military aircraft maker, will decline next year even if swingeing government spending cuts are avoided, the company said as it announced a 3.9 per cent rise in third-quarter net earnings. Lockheed said sequestration, which could total about 10 per cent of planned military spending, would have a “material effect” on the company’s earnings next year.

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