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Capital Business
Posted at 09:41 AM ET, 04/23/2013

Lockheed IS&GS unit has trimmed more than 650 employees this year

Lockheed Martin’s Gaithersburg-based information systems unit cut more than 650 employees in the first quarter of the year, company officials confirmed Tuesday.

The contractor had offered a voluntary layoff initiative to about 4,000 mid-level managers in February. The company confirmed earlier this year that about 240 employees left the company through the voluntary layoff program.

During a call with reporters Tuesday, Bruce Tanner, Lockheed’s chief financial officer, said more than 400 employees in the information systems unit were trimmed involuntarily during the same quarter.

A Lockheed spokeswoman said the first-quarter layoffs included all levels of employees. She said 168 of the roughly 650 employees were based in the Washington area.

The company recorded a $30 million charge related to the workforce reductions.

Lockheed posted a profit surge for the three-month period ended March 31. Profit grew to $761 million ($2.33 per share), up nearly 14 percent from $668 million ($2.03) per share in the same period the previous year. Sales fell 2 percent to about $11.1 billion.

Though Lockheed has been significantly trimming its workforce over the last several years, Tanner told reporters Tuesday that the company has no further “plans for reductions at this point in time.”

Related story: Lockheed cutting nearly 250 middle managers

By  |  09:41 AM ET, 04/23/2013

 
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