Lockheed Martin Corporation (NYSE: LMT) today reported first quarter 2014 net sales of $10.7 billion, compared to $11.1 billion in the first quarter of 2013. Net earnings in the first quarter of 2014 were $933 million, or $2.87 per diluted share, compared to $761 million, or $2.33 per diluted share, in the first quarter of 2013. Cash from operations was $2.1 billion in the first quarter of both 2014 and 2013.
First quarter 2014 net earnings included FAS/CAS pension income of $86 million, which increased earnings by $53 million, or $0.16 per diluted share. First quarter 2013 net earnings included FAS/CAS pension expense of $121 million, which reduced earnings by $75 million, or $0.23 per diluted share, and a special charge of $30 million, net of state tax benefits, related to workforce reductions which reduced earnings by $19 million, or $0.06 per diluted share. The first quarter of 2013 items were partially offset by a reduction of income tax expense related to research and development tax credits, which increased first quarter 2013 net earnings by $46 million, or $0.14 per diluted share.
„The strong earnings and operating cash delivered in the first quarter are a result of our continued focus on program performance, affordability and meeting commitments to our customers,” said Chairman, President and CEO Marillyn Hewson. „Our diverse portfolio of products and services, investment in future innovations and dedicated workforce give me confidence that we’ll continue to deliver outstanding results for our customers and return value for our shareholders.”
Summary Financial Results
The following table presents the Corporation’s summary financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP).
|
(in millions, except per share data) |
Quarters Ended |
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|
March 30, 2014 |
March 31, 2013 |
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|
Net sales |
$ |
10,650 |
$ |
11,070 |
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|
Business segment operating profit |
$ |
1,429 |
$ |
1,343 |
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|
Unallocated, net |
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|
FAS/CAS pension income (expense) |
86 |
(121) |
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|
Other, net1 |
(83) |
(103) |
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|
Total unallocated, net |
3 |
(224) |
|||||||||||||||||
|
Consolidated operating profit |
$ |
1,432 |
$ |
1,119 |
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|
Net earnings |
$ |
933 |
$ |
761 |
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|
Diluted earnings per share |
$ |
2.87 |
$ |
2.33 |
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|
Cash from operations2 |
$ |
2,100 |
$ |
2,085 |
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|
1 Other, net includes severance charges of $30 million during the first quarter of 2013 associated with the elimination of certain positions at the Corporation’s Information Systems & Global Solutions (IS&GS) business segment. 2 The Corporation received net tax refunds of approximately $200 million during the first quarter of 2014 compared to net tax refunds of $540 million during the first quarter of 2013. |
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Source / Author: Lockheed Martin