Leidos CEO says Lockheed deal set to close in mid-August

The deal to merge Leidos with Lockheed Martin’s IT business is moving forward and is set to close in mid-August, Leidos’ chief executive said today.

During a call with analysts, Roger Krone said the planned transaction has received “all regulatory approvals, both domestically and internationally.”

Leidos also reported today sales in its most recent quarter reached $1.3 billion, up 2 percent from the same three-month period a year earlier. Profit hit $41 million, up about 11 percent from the prior year.

The company said its national security solutions business recorded a 4 percent boost in sales because of “revenues associated with our new United Kingdom Ministry of Defense logistics program.”

However, the unit’s profit margin dropped, “primarily due to lower program fees and contract mix.”