Lockheed Martin Corp. reported second qarter 2007 earnings of $778 million, a 34 percent increase over profits of  $580 million for the same period of 2006, the company announced July 24. Revenues improved from $10 billion to $10.7 billion in the same period.

Net sales for Lockheed Martin’s space systems segment slipped 2 percent to $2 billion for the most recent quarter, which closed June 30. The company said it had expected the sales decline given the formation of the United Launch Alliance joint venture with Boeing and the divestiture of the International Launch Services business in the fourth quarter of 2006.

Space systems operating profit improved from $189 million in the 2006 second quarter to $214 million in the 2007 second quarter, as increases in satellites and strategic and defensive missile systems activities more than offset declines in space transportation. Satellites, in particular, saw an increase due mainly to higher volume and improved performance on government satellite activities.