The aerospace manufacturer Lockheed Martin Corp. (LMT: chart) posted net income of $461 million, or $1.02 a share, for the second quarter, sharply up compared with $296 million, or 66 cents a share, last year. Net income was bolstered by a one-time gain of $27 million, or 6 cents a share, in the recent three-month period related to its investment in satellite company Inmarsat. Sales gained 5.9% to $9.3 billion versus $8.8 billion. The nation's largest defense contractor boosted its guidance for full-year earnings to $3.60-$3.75 a share versus an earlier guidance of $3.35-$3.55 a share, on improved operating performance at the company’s IT and space-systems operations, combined with a modest expenses and effective tax rate reductions.

Sales at the biggest U.S. defense contractor's systems-and-IT group rose to $2.74 billion during the quarter from $2.21 billion a year earlier.

Sales for Lockheed’s space-systems operations advanced to $1.63 billion versus $1.55 billion, while sales at the company’s aeronautics business declined to $2.88 billion versus $3.14 billion.

Northwest Airlines (NWAC: chart) reported its quarterly loss widened, and management said the airline needs to reduce $1.1 billion in labor costs soon and freeze pension funding or consider other alternatives, including filing for bankruptcy-court protection. The carrier posted a 2Q net loss of $225 million, or $2.59 a share, versus a loss of $182 million, or $2.11 a share, last year.

Excluding these and other items, Northwest would have lost $279 million, or $3.21 a share, versus a last-year loss of $78 million, or 90 cents a share. Analysts had expected a loss of $3.29 a share, excluding items. Revenue climbed 11% to $3.2 billion versus $2.87 billion last year. Passenger revenue per available seat mile rose by 3.1% on 4.4% more available seat miles. Operating expenses soared 18% to $3.33 billion, and unit costs rose 1.1%. The biggest factor for the decline was fuel prices, which averaged $1.6420 a gallon during the quarter, up 52% vs. last year.

Reuters Group PLC (RTRSY: chart), news and financial data provider, reported a 56% decline in first-half earnings, but added 2Q revenue from sales of Reuters terminals advanced for the first time since 2001. The company also disclosed a moderate strategy shift. It plans to invest over the next two years on four areas, namely bond and commodity trading networks, financial journalism, new sales teams, and operations in China and India.

Underlying recurring revenue from Reuter’s data terminals, which accounts for 95% of its core revenue, advanced 0.4% to 547 million pounds ($950 million) in the quarter ended June 30. Net profit for the first half declined 56% to 133 million pounds vs. 303 million pounds in the six-month period a year ago, after the company completed the sale of its Radianz and Instinet units. Sales dropped to 1.14 billion pounds vs. 1.17 billion pounds. The company did not issue any quarterly results. Shares slid 8.6% late afternoon in London.

For the second half of the fiscal year, Reuters sees underlying recurring revenue increase between 1% and 2%. In 2006, the company expects its core business to grow at between 2% and 4%, and sees trading margins of 17%, before investment in the company’s growth initiatives.

Burlington Northern Santa Fe Corp.’s (BNI: chart) net income advanced to $366 million, or 96 cents per share, versus $249 million, or 67 cents per share, a year earlier, while operating income jumped to $710 million compared with $508 million a year ago.

Revenue jumped 18 percent to $3.14 billion compared with $2.69 billion last year, as freight revenue reached $3.04 billion versus $2.64 billion last year. The company’s financial results for the quarter outpaced analysts' views for earnings of 93 cents per share on sales of $3.07 billion. Revenue for carrying consumer products gained 19% to $201 million, industrial products added 16% to $718 million, agricultural products sales rose 16% to $493 million, and coal revenue increased 7% to $591 million.

Oil giant BP PLC (BP: chart) said 2Q replacement cost profits soared 29% to 4.98 billion, helped by surging energy prices and higher refining and chemicals margins. Charges grew to $826 million compared with $198 million last year. The company said it will pay an 53.55 cent/U.S.-listed share quarterly dividend. BP also added it plans to buy back at least $6 billion in shares during the second half of the fiscal year. Capital expenditure in the second half is seen at $14.5 billion, with nearly $15 billion in 2006.

The Chicago-based gum and candy maker Wm. Wrigley Jr. Co. (WWY: chart) announced that 2Q profit soared to $162.4 million, or 72 cents a share, compared with $139.2 million, or 62 cents, last year, beating analysts expectations earnings of 68 cents a share. Sales for the three-month period ended June 30 rose to $1.04 billion versus $957.9 million in the comparable quarter a year ago. Currency exchange benefited sales jump by 3 percentage points. Shares of the company closed Monday at $69.38, down 13 cents.

Infineon Technologies AG (IFX: chart) said its 3Q net loss widened to 240 million euro ($292.2 million), or 32 Euro cents a share, versus a net loss of 56 million euro, or 8 Euro cents for the year-ago comparable quarter. Analysts had projected a loss of around 118 million euro.

Costs and impairment charges impacted earnings before interest and taxes, or EBIT, by 81 million euro in the three-month period. That resulted in an EBIT loss of 234 million euro versus a profit of 2 million euro a year earlier. Sales lost 16% to 1.61 billion euro versus 1.91 billion euro on pricing pressure in several areas.

The company plans to concentrate on improvements in production at its automotive, industrial and multimarket division, and cautioned that the Munich-Perlach phase-out and startup costs for the new production site in Kulim, Malaysia, will negatively hit EBIT through the end of 2006.

Valero Energy (VLO: chart) posted the highest quarterly net income in the company's history so far, helped by strong distillate margins. The company earned $847 million, or $3.06 a share, soundly beating analysts’ estimate of earnings of $2.94 a share. Last year Valero reported earnings of $633 million, or $2.28 a share.

DuPont (DD: chart), a chemicals company, posted 2Q earnings of $1.02 billion, or $1.01 a share, up versus $503 million, or 50 cents a share in the same quarter last year. Excluding non-recurring items, earnings would have come in at 90 cents a share. Revenue climbed 5% to $8.12 billion versus $7.73 billion last year. Analysts had forecasted earnings of 96 cents a share and revenue of $7.67 billion. The company now sees 2005 earnings of $2.75 to $2.80 a share. Excluding the special items recorded in 2Q, the target would be $2.64 to $2.69 a share. Analysts are looking for earnings of $2.76 a share. The stock finished Monday down 16 cents at $44.04.

7-Eleven Inc. (SE: chart), a convenience store chain, reported that 2Q net income jumped to $57.2 million, or 50 cents a share, versus $47 million, or 42 cents, a year earnings. Core earnings jumped to $55.3 million, or 44 cents, versus $48.1 million, or 39 cents, last year, and above analysts' forecast for 43 cents a share. Revenue for the quarter ended June 30 climbed to $2.15 billion versus $2.02 billion a year ago. The Dallas-based company backed its fiscal 2005 guidance for core earnings of $1.12 to $1.16 a share. The company's shares ended Monday at $34.33, up $1.01.

Verizon Communications (VZ: chart) reported 2Q earnings of $2.1 billion, or 75 cents a share, up versus a year-earlier profit of $1.8 billion, or 64 cents a share. Excluding items, such as a $336 million gain from the sale of wireline and directory operations in Hawaii and tax-related benefits and expenses, the company earnings totaled $1.8 billion, or 63 cents a share, unchanged versus a year ago. Revenue increased 4.6% in the latest quarter to $18.6 billion versus $17.8 billion in the comparable quarter last year. Analysts had been looking for a profit of 64 cents a share in the June period. The company’s wireless business performed very well reaching a year-over-year revenue growth of 14.6% and gaining 1.9 million net new customers. Verizon sees an increase of 15% in capital spending in 2005 vs. its 2004 total of $13.3 billion, above an earlier target for a jump of 10%. The stock closed Monday at $34.02, down 15 cents.

Lexmark International (LXK: chart), a printer maker, reported 2Q earnings of $79.9 million, or 64 cents a share, down versus $136.6 million, or $1.02 a share in the comparable quarter last year. Excluding non-recurring items, such as a tax cost for the repatriation of earnings, the company would have earned $1.06 a share, meeting analysts’ estimates. Revenue advanced 3% to $1.28 billion versus $1.25 billion last year and below analyst forecasts of $1.33 billion, on 9% increase in laser and inkjet supplies revenue. The company now sees 3Q earnings of 95 cents to $1.05 a share, below analyst expectations of $1.06 a share, and also expects low single-digit percentage revenue jump. The company’s stock closed Monday down $1.87 at $68.55.

Taiwan Semiconductor Manufacturing, supplier of made-to-order chips, posted 2Q 22% profit drop of 74 NT cents, down from 95 NT cents a year ago on revenue decrease of 9.5% to NT $58.52 billion. The company expects better financial results for the rest of the year.

Black & Decker, home products maker, announced 2Q net income growth of $1.88 per share compared with $1.50 for the last-year same quarter due to improved sales on revenue of $1.7 billion, exceeding estimates of $1.77 per share. The company forecast 3Q profit between $1.62 and $1.67 a share.

Nissan Motor, auto maker, reported 2Q profit drop of 105.70 billion yen vs. 123.23 billion last year, but posted strong profit growth on an operating basis and backed its forecast of a record full-year income.

Omnicom Group, advertising holding company, reported 2Q net income growth of $1.24 per share, up from $1.10 last year on higher consumer spending and revenue increase.

AK Steel, steelmaker, announced 2Q earnings drop of 8 cents per share compared with 85 cents a year earlier. Excluding non-recurring charges quarterly profit would have been 35 cents, below estimates of 38 cents a share. The company expects 3Q average selling prices to be lower than in 2Q.

Argo, agricultural equipment maker, posted 2Q lower profit of 47 cents a share, down from 50 cents a year ago. The company sees 3Q earnings between 30 and 33 cents a share and 2005 income flat with 2004.