[SatNews] Lockheed Martin Corporation has reported fourth quarter 2011 net sales of $12.2 billion compared to $12.8 billion in 2010.
Earnings from continuing operations during the fourth quarter of 2011 was $698 million, or $2.14 per diluted share, compared to $821 million, or $2.28 per diluted share, in 2010. Earnings from continuing operations for the quarter ended Dec. 31, 2011 reflect an increase in the FAS/CAS pension expense adjustment, which reduced earnings by $66 million, or $0.20 per diluted share compared to 2010, a decrease in Research and Development (R&D) tax credits, which reduced earnings by $36 million, or $0.11 per diluted share compared to 2010, and premiums on the early extinguishments of debt, which reduced earnings by $28 million, or $0.09 per diluted share. During the quarter ended Dec. 31, 2010, earnings from continuing operations also included a charge related to facilities consolidation within the Electronic Systems business segment, which reduced earnings by $27 million, or $0.08 per diluted share.
Cash from operations during the quarter ended Dec. 31, 2011 was $1.1 billion, after making accelerated contributions of $1.0 billion to the pension trust. Cash from operations during the quarter ended Dec. 31, 2010 was $210 million, after making accelerated contributions of $840 million to the pension trust. “Our continued focus on executing our customers’ programs domestically and internationally resulted in a strong year with a record backlog,” said Bob Stevens, chairman and chief executive officer. “We will need to remain agile in 2012 given the uncertainties ahead, but I am confident that our workforce and diversified portfolio will enable us to continue to deliver value to our customers and shareholders.” To read the entire financial report, access this direct link.
