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Lockheed Reports 4% Higher Electronic Systems Sales for 3Q 2012

Lockheed Martin (NYSE: LMT) has announced financial results for its fiscal year 2012 third quarter ended Sept. 30, 2012, reporting a four percent increase in net sales for the electronic systems segment from the prior year period.

The company reported $3.81 billion in net sales for that segment during 2012’s third quarter, compared to $3.66 billion for the prior year period.

Lockheed attributed the increase to:

  • a $95 million higher volume for integrated warfare systems and sensors programs, such as Aegis
  • $40 million more for tactical missile programs such as Javelin
  • $35 million for air and missile defense programs such as the Patriot Advanced Capability-3
  • approximately $25 million for fire control systems programs such as the Longbow

Operating profit for the business segment increased $62 million, or 14 percent, during the fiscal 2012 third quarter to $509 million, compared to the $447 million reported for the prior year period.

The company attributed that increase to higher operating profit of approximately $35 million for air and missile defense programs including the Terminal High Altitude Area Defense program.

Lockheed’s fourth quarter and full year results for fiscal year 2012 will reflect the company’s reorganization of the electronic systems segment into two new segments: missiles and fire control and mission systems and training.

The company added its business reporting relationship for Sandia National Laboratories and the U.K. Atomic Weapons Establishment joint venture will transfer to the space systems segment from electronic systems.

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