Martin Marietta Corp., the Bethesda aerospace conglomerate, said yesterday its profits increased 14 percent in 1987, fed by strong operating results throughout the company.

Martin Marietta said it earned $230.7 million ($4.25 a share) during the year, compared to $202.3 million ($3.67) a year ago. Revenue rose 9 percent, to $5.2 billion from $4.8 billion.

In the fourth quarter, Martin Marietta said it earned $59.4 million ($1.12), a 37 percent increase from $43.4 million (79 cents). Revenue increased 6 percent, to $1.34 billion from $1.27 billion.

"The year's results reflect gains in sales and earnings for all four of our business groups -- electronics and missiles, astronautics, information systems and materials," said Norman R. Augustine, the company's vice chairman and chief executive officer. Baltimore Bancorp, the parent of The Bank of Baltimore and the Municipal Savings Bank, reported that its net income almost tripled in 1987.

For the year, the bank holding company said net earnings totaled $27 million ($2.13 per share), compared with $10.5 million (82 cents) in 1986.

Fourth-quarter net earnings totaled $9.5 million (75 cents), compared with a loss of $5.8 million in the same period a year ago.