Lockheed Martin Reports Second Quarter 2014 Results
Lockheed Martin Corporation (NYSE: LMT) today reported second quarter 2014 net sales of $11.3 billion, compared to $11.4 billion in the second quarter of 2013.
– Net sales decreased 1% to $11.3 billion
– Net earnings increased 3% to $889 million
– Earnings per diluted share increased 5% to $2.76
– Generated cash from operations of $977 million
– Increases outlook for operating profit, earnings per share and cash from operations
Net earnings in the second quarter of 2014 were $889 million, or $2.76 per diluted share, compared to $859 million, or $2.64 per diluted share, in the second quarter of 2013. Cash from operations in the second quarter of 2014 was $977 million, compared to cash from operations of $623 million in the second quarter of 2013.
Second quarter 2014 net earnings included FAS/CAS pension income of $85 million, which increased net earnings by $53 million, or $0.16 per diluted share, compared to FAS/CAS pension expense of $120 million, which reduced net earnings by $74 million, or $0.23 per diluted share, during the second quarter of 2013. Second quarter 2014 financial results were not impacted by amendments to certain of the Corporation’s defined benefit pension plans as discussed later in this news release.
“Based on our solid program execution and operational performance through the first half of the year, we increased our 2014 financial guidance for profit, earnings, and cash flow,” said Lockheed Martin Chairman, President and CEO Marillyn Hewson. “Our sound strategy, diverse portfolio and focus on affordability are yielding results and delivering value to our customers and shareholders.”
2014 Financial Outlook
The following table and other sections of this news release contain forward-looking statements, which are based on the Corporation’s current expectations. Actual results may differ materially from those projected. It is the Corporation’s practice not to incorporate adjustments into its financial outlook for proposed acquisitions, divestitures, ventures, changes in tax laws, and restructuring activities (including special items) until such transactions have been consummated or enacted. For additional factors that may impact the Corporation’s actual results, refer to the “Forward-Looking Statements” section contained in this news release.
– Access the complete quarterly financial information on Lockheed Martin’s website.
