Lockheed's Earnings Fall - Raytheon's Rise - NYTimes.com Lockheed Martin reported a drop in fourth-quarter earnings on Thursday, and its rival Raytheon reported a gain, but both companies said sales would be flat this year because of cuts in military spending. Lockheed, the industry leader and developer of the F-35 fighter jet, reported net income of $683 million, or $2.09 a share, compared with $961 million, or $2.67 a share, in the period a year earlier. Excluding discontinued operations, the company posted a profit of $698 million, or $2.14 a share, down from $821 million, or $2.31 a share, a year earlier. Revenue fell 4.3 percent, to $12.21 billion from $12.76 billion. Raytheon, maker of Patriot missiles and other equipment, of $543 million, or $1.57 a share, compared with $459 million, or $1.25 a share, a year earlier. Quarterly sales fell to $6.4 billion from $6.9 billion. Each company said it would continue to focus on cutting costs and making programs more affordable while looking to international sales to cushion softness in the United States. Robert J. Stevens, the chief executive of Lockheed, said it faced more uncertainty in 2012. The company forecast revenue of $45 billion to $46 billion. But Mr. Stevens said, "We've built a very mature portfolio in our company of robust services and systems that we believe align extremely well with this new national security strategy," he said, referring to a shift to the Asia Pacific region. Raytheon forecast sales of $24.5 billion to $25 billion this year. Shares of Lockheed, which is based in Bethesda, Md., rose 74 cents, or 0.91 percent, to close at $82.47, while Raytheon, based in Waltham, Mass., rose 18 cents, or 0.36 percent, to $49.89.