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Lockheed Martin 4Q net income falls 14 percent

January 23, 2014

The Associated Press

Lockheed Martin Corp. said Thursday that its fourth-quarter net income fell 14 percent, hurt by restructuring costs and other charges, but it posted a full-year outlook that was in line with what Wall Street analysts expected. The aerospace and defense company also said that its backlog of orders rose slightly to $82.6 billion from $82.3 billion , a sign of future earnings. In the quarter that ended Dec. 31 , net income was $488 million , or $1.50 per share. That compares with net income of $569 million , or $1.73 per share, in the same quarter a year ago. The latest quarter included a goodwill impairment charge that trimmed earnings by 54 cents a share. Revenue fell 5 percent to $11.53 billion from $12.1 billion a year ago. Analysts expected adjusted earnings of $1.99 per share and revenue of $11.34 billion . For fiscal year 2013, the company reported earnings of $9.13 per share and revenue of $45.36 billion . For 2014, the company expects earnings between $10.25 per share and $10.55 per share and revenue between $44 billion and $45.5 billion . Analysts expected $10.31 per share and revenue of $44.26 billion . Shares of Lockheed Martin fell $6.16 , or 4 percent, to close at $150.49 Thursday. They were up 26 cents to $150.75 in extended trading following the release of the earnings report.

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Source: Associated Press

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