Lockheed Martin Issues Quarterly Report

Lockheed Martin (NYSE: LMT) released the following financial statement:

The firm, “today reported fourth-quarter 2010 net sales of $12.8 billion, compared to $12.2 billion in 2009. Earnings from continuing operations for the fourth quarter of 2010 were $829 million, or $2.30 per diluted share, compared to $836 million, or $2.19 per diluted share, in 2009. During the fourth quarter of 2010, the corporation incurred an unusual charge of $42 million ($27 million after-tax, or $0.08 per share) related to a previously announced facilities consolidation within Mission Systems & Sensors (MS2), a line of business in Electronic Systems. The fourth quarter of 2010 also included a reduction of income tax expense related to the extension of the Research and Development (R&D) tax credit and additional benefits from U.S. manufacturing deductions. The fourth quarter of 2009 included an unusual tax benefit from the resolution of an IRS examination, which increased earnings from continuing operations by $11 million, or $0.03 per share.

“Cash from operations in the fourth quarter of 2010 was $160 million, after making $840 million in discretionary contributions to the corporation’s pension trust. Cash from operations in the fourth quarter of 2009 was ($605) million, after making $1.5 billion in discretionary contributions to the corporation’s pension trust.

“We had a solid fourth quarter, marked by robust bookings and excellent cash generation, ” said Bob Stevens, chairman and CEO.  “For the year, sales and backlog grew.  Combined with strong cash flow, I believe it was very solid performance in a very demanding year.  Looking ahead, our employees are focused on providing increasingly affordable solutions to our customers and continuing strong financial results for our shareholders.”

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