LOCAL BUSINESS

Tire group honors Giffords

The International Tire Exhibition & Conference has created the Gabrielle Giffords Inspiration Award to recognize the newly retired congresswomans comeback after a mass shooting that killed six people in January 2011 in her home state of Arizona.

Giffords, who continues to undergo rehabilitation following near-fatal gunshot wounds in an assassination attempt, is a former executive of an independent tire dealership.

The new Giffords award will recognize a tire dealership or tire company employee with a disability for his or her contributions to the workplace and community. The winner will receive a medal and a $5,000 award. Judging will be done by a panel under direction of the American Association of People with Disabilities.

Nominations are due by July 30. For more information, go to www.itec-tireshow.com. ITEC is held every other year and is organized by Crain Communications Tire Business and its Akron-based Rubber & Plastics News.

DEFENSE

New CEO at Lockheed

Lockheed Martin Corp., the worlds largest defense company, reported first-quarter profit rose 20 percent as Robert Stevens, the chairman and chief executive officer, announced plans to retire.

Stevens, 60, will step down as CEO in January and be replaced by Chris Kubasik, 51, currently the president and chief operating officer, Lockheed said. Stevens intends to remain chairman until 2014. Marillyn Hewson, 58, will succeed Kubasik, the company said.

A former U.S. Marine Corps corporal, Stevens came to Lockheed when the defense contractor acquired Loral Systems Manufacturing Co. in 1996. He had been at Loral since 1987. Stevens succeeded Lockheed CEO Vance Coffman in August 2004.

The company said first-quarter net income from continuing operations rose to $665 million, or $2.02 a share, from $556 million, or $1.57 a share, a year earlier. The average estimate of 20 analysts surveyed by Bloomberg was for a profit of $1.71 a share. Sales increased 6.3 percent to $11.3 billion. The company reaffirmed its 2012 forecast made in January of profit of $7.70 to $7.90 a share.

ECONOMY

UPS sees slight gain

UPS reported its net income climbed to $1 a share, lagging behind the average estimate of $1.01 in a Bloomberg News survey of 23 analysts.

Gains in overseas shipments have slowed in recent quarters amid weakening demand for Asian exports. Revenue per piece stagnated and the operating margin in Atlanta-based UPSs international package division declined to 13.8 percent from 15.6 percent a year ago.

Net income climbed to $970 million from $915 million, or 91 cents a share, a year earlier. The company reiterated its 2012 full-year profit forecast of $4.75 to $5 a share.

Dow rises 113.90 points

The Dow Jones industrial average added 113.90 points, or 0.9 percent, to 13,204.62, with the blue-chip index up more than 1 percent so far for the week.

Of the 51 percent of the S&P 500 companies that have reported first-quarter results so far, 72.4 percent have reported earnings above expectations, according to Thomson Reuters analyst Greg Harrison.

The Standard & Poors 500 index gained 9.29 points, or 0.7 percent, to 1,399.98. The measure rose as high as 1,402 intraday, its first time above 1,400 since April 5.

Leading gains on the S&P, Citrix Systems rose more than 12 percent after the software maker projected 2012 earnings that beat estimates.

The Nasdaq composite index rose 20.98 points, or 0.7 percent, to 3,050.61.

Crude oil gained 43 cents to $104.55 a barrel and gold futures advanced $18.20, or 1.1 percent, to $1,660.50 an ounce.

Compiled from staff and wire reports