Lockheed Martin… Financially Speaking…

[SatNews] Lockheed Martin Corporation (NYSE: LMT) today reported second quarter 2011 net sales results…



Net sales of $11.6 billion, compared to $11.3 billion in 2010, were posted. Earnings from continuing operations for the second quarter of 2011 were $742 million, or $2.14 per diluted share, compared to $714 million, or $1.92 per diluted share in 2010. Cash from operations in the second quarter of 2011 was $843 million, compared to $1.2 billion in 2010. The second quarter of 2011 included an unusual charge of ($97) million which reduced earnings by ($63) million, or ($0.18) per share related to the previously announced workforce reductions at Aeronautics and Space Systems, and an unusual tax benefit of $89 million, or $0.26 per share from the resolution of certain tax matters, which together increased earnings from continuing operations by $26 million, or $0.08 per share. The second quarter of 2011 also included a FAS/CAS pension adjustment of ($230) million which reduced earnings by ($142) million, or ($0.41) per share, compared to a FAS/CAS pension adjustment of ($110) million which reduced earnings by ($68) million, or ($0.18) per share in 2010.



“During the second quarter, we had strong execution across the company even while implementing difficult measures to rightsize our business for an environment that remains challenging,” said Bob Stevens, chairman and chief executive officer. “Our focus in this new reality continues to be on delivering affordable solutions that provide value to both our customers and our shareholders.”



The following table presents the Corporation’s results for the periods referenced in accordance with generally accepted accounting principles (GAAP):







To read the entire financial report, access this direct link.