News Column

Lockheed Martin Reports Second Quarter 2014 Results

August 6, 2014



By a News Reporter-Staff News Editor at Defense & Aerospace Week -- Lockheed Martin Corporation (NYSE: LMT) reported second quarter 2014 net sales of $11.3 billion, compared to $11.4 billion in the second quarter of 2013. Net earnings in the second quarter of 2014 were $889 million, or $2.76 per diluted share, compared to $859 million, or $2.64 per diluted share, in the second quarter of 2013. Cash from operations in the second quarter of 2014 was $977 million, compared to cash from operations of $623 million in the second quarter of 2013.

Second quarter 2014 net earnings included FAS/CAS pension income of $85 million, which increased net earnings by $53 million, or $0.16 per diluted share, compared to FAS/CAS pension expense of $120 million, which reduced net earnings by $74 million, or $0.23 per diluted share, during the second quarter of 2013. Second quarter 2014 financial results were not impacted by amendments to certain of the Corporation's defined benefit pension plans as discussed later in this news release.

"Based on our solid program execution and operational performance through the first half of the year, we increased our 2014 financial guidance for profit, earnings, and cash flow," said Lockheed Martin Chairman, President and CEO Marillyn Hewson. "Our sound strategy, diverse portfolio and focus on affordability are yielding results and delivering value to our customers and shareholders."

Keywords for this news article include: Lockheed Martin, Aerospace and Defense Companies.

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Source: Defense & Aerospace Week


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