Lockheed Martin Corp.'s (LMT) record $81 billion order backlog at the end of 2008 puts the company in good shape as the Obama administration settles in, the company's chief financial officer told Dow Jones Newswires on Thursday.

Given that it takes time for newly-installed government officials to get up and running on spending decisions, "it's nice to have this in your hopper," Bruce Tanner said.

In 2009, he said, Lockheed's Information Technology and Global Systems business will overtake traditional defense contracting as the main sales-generator for the company. Tanner said Lockheed, the biggest provider of information technology to the U.S. government, sees significant opportunities to add business under the tech-savvy Obama administration. A posting on the White House Web site this week, meanwhile, highlighted the need for better cyber security in government agencies.

"That's an important area for us," he said, adding that few major contracts in that area have been awarded so far to any private contractor. Last year, Lockheed won a significant contract for biometric identification at the Federal Bureau of Investigation, he said.

Reporting earnings on Thursday, the defense and IT giant cut its 2009 earnings outlook from a forecast a quarter ago, citing rising pension expenses, on falling interest rates. But Tanner said the company isn't required to make a cash contribution to employee pensions this year since it has already met those obligations. Lockheed now expects earnings this year to range between $7.05 and $7.25 per share, down from a range of $7.65 to $7.90 per share.

At the same time, Lockheed increased its revenue outlook for 2009 to a range of $44.7 billion to $45.7 billion, from $44.25 billion to $45.25 billion, mainly on stronger IT business. "That's a narrow range, given that it's on more than $40 billion in sales," Tanner said. He said it shows Lockheed's confidence that the new administration won't take the knife to major defense programs this year. U.S. President Barack Obama has said it's important for the U.S. to maintain military strength with jet fighters, a key business at Lockheed Martin.

Lockheed on Thursday reported fourth-quarter earnings of $823 million, or $2.05 per share, on sales of $11.13 billion, beating Wall Street forecasts.

The year ended on a high note, Tanner said, as Lockeed achieved record gross margins across its businesses, averaging 11.4%, up from 10.4% the previous year.

The Bethesda, Md., company ended 2008 with $4.4 billion in cash. Tanner said Lockheed will continue its cash deployment strategy, with a goal to return at least 50% to shareholders, while keeping an eye out for niche acquisitions.

-By Ann Keeton; Dow Jones Newswires; 312-750-4120; ann.keeton@dowjones.com

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