Lockheed Martin announces third quarter salesPublished 11:00pm Wednesday, October 24, 2012
BETHESDA, Md. – Lockheed Martin Corporation (NYSE: LMT) today reported third quarter 2012 net sales of $11.9 billion compared to $12.1 billion in 2011. Net earnings from continuing operations for the third quarter of 2012 were $727 million, or $2.21 per diluted share, compared to $665 million, or $1.99 per diluted share, in 2011. Cash from operations during the third quarter of 2012 was $1.6 billion, compared to cash from operations of $551 million after pension contributions of $960 million during the third quarter of 2011.
The third quarter of 2012 included a non-cash FAS/CAS pension adjustment of $207 million, which reduced net earnings by $128 million, or $0.39 per diluted share, compared to a non-cash FAS/CAS pension adjustment of $231 million, which reduced net earnings by $143 million, or $0.43 per diluted share, in 2011. The third quarter of 2012 also included a special charge of $23 million, which reduced net earnings by $15 million, or $0.05 per diluted share, related to the previously announced workforce reductions at Electronic Systems. The third quarter of 2011 included special charges of $39 million, which reduced net earnings by $25 million, or $0.07 per diluted share, related to workforce reductions at the Corporation’s Information Systems & Global Solutions (IS&GS) business segment and Corporate Headquarters.
“Our strong operating results this quarter are a reflection of several factors, including our relentless focus on affordability and program execution,” said Bob Stevens, chairman and chief executive officer. “We also have a strategy that is aligned with our customers, a proven portfolio of products and technologies, and a team that is talented and dedicated, even with the uncertainties that lie ahead. We remain focused on meeting our customer commitments and delivering value to our shareholders.”
This article was submitted by Lockheed Martin.