A friend told me recently that he was watching something on the
history channel that stated Abraham Lincoln was a war profiteer.
He allegedly sold military goods of some kind to the north and south.
Is this true? I can't find anything about it.

Highly unlikely. According to this, at the time of Lincoln's death
entire estate was worth a mere $110,296.80. That's not poor my mid
1800's standards, but it isn't the weath of a profiteer either. If he
was a profiteer, he would have been considered an abysmal failure at
it.

OHIO HISTORY
http://dbs.ohiohistory.org/africanam/page.cfm?ID=965

Even after death his family recieved only a portion of his "wealth".
In time, Mary Todd Lincoln, the Late Prpesident's widow, resorted to
selling some of her clothes for money before eventually receiving
$36,000 from her late husband's estate, much of which she squandered
on a two year stay to Europe. She died penniless at the home of her
sister in Springfield, Illinois in 1882.

America's Craziest First Lady. Maybe. Maybe Not. 
http://brainevent.com/be/WackyWeek/twwih/20031207

tutuzdad-ga

Lincoln has been subjected to an almost endless line of vilification.
He is easily the most rumored about and lied about figure in American
history. He certainly experienced this in his own lifetime. Myth
makers have been at work on both sides since.

Lincoln's wife was a compulsive spender who ran up debts beyond his
means both before and during his presidency. She also was a shop
lifter. More than once Lincoln was forced to settle with shop keepers
privately. She also once stole an important document from his WH desk
to sell for spending $$. The vendor quickly realized the possibilities
for trouble and alerted the WH.

Also, Lincoln was a micro-manager who did not really trust his
military advisors and cabinet. He had several patents that he
registered after tinkering with pistols and rifles to improve the fire
power.

War profiteering was rampant during the Civil War. Put those together
and Lincoln could be accused of profiteering from need or greed. There
is no record of this behavior. His family did not financially benefit
from his presidency.