Lockheed Martin Corp.
July 24, 2007: Lockheed
Martin Corporation (NYSE:LMT) today reported a sharp rise in
earnings 34% for the second quarter 2007. Its earnings totalled
$778 million in the quarter ($1.82 per diluted share), compared
to $580 million ($1.34 per diluted share) in 2006. The increased
its expectations for earning per share level for the whole year
to the range of $6.65 - $6.80, an increase of $0.45.
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contributor to this increase was LM's Aeronautics unit, which
improved its profit by 39%, contributing about a third of the
total sales in the quarter ($3.1 billion). The improvement reflects
increased production volumes and sales of combat aircraft, specifically
the F-22 and F-16
programs as well as sustainment and support activities. The
company's Net sales increased only 7% over second quarter 2006
sales to $10.7 billion. Cash from operations for the second
quarter of 2007 was $1.4 billion.
April 24, 2007: Lockheed
Martin Corporation (NYSE:LMT) today reported first quarter 2007
net earnings of $690 million ($1.60 per diluted share), compared
to $591 million ($1.34 per diluted share) in 2006. Net sales
were $9.3 billion, a 1% increase over first quarter 2006 sales
of $9.2 billion. Cash from operations for the first quarter
of 2007 was $1.5 billion, compared to $1.2 billion in 2006.
The company invested $95 million in acquisition activities and
made capital expenditures of $84 million during the reported
period. It used some of the cash to repay a long term debt of
$17 million, and repurchase 7.6 million shares at a total cost
of $739 million. The company also declared a $148 million dividend,
which was paid early in Q2.
While Lockheed Martin is most recognized with its aerospace
business, net sales at of Lockheed Martin's aeronautics business
remained flat for the first quarter, compared to 2006. Declines
in air mobility, due to lower volume on the C-5 and other air
mobility programs and lower volume production and support on
F-22 and F-117 programs offset
increased sales F-35 volume
and other aeronautics programs. Further increase was recorded
with higher volume in logistics services activities. Aeronautics
business remained the largest segment of Lockheed Martin's operations,
with total sales of $2.821 billion in the first quarter. Sales
of electronic systems totaled $2.515 and demonstrated an increase
of 3% in the first quarter, mainly due to higher volume in platform
integration activities and naval radar business which offset
declines in air defense programs.
Information Systems & Global Services demonstrated an increased
in net sales in all three of the segment's lines of business,
with a total growth of 9%. The increase was derived by organic
growth and, partly, by the acquisition of MSD in 2007 and Aspen
Systems Corporation, Pacific Architects and Engineers Inc. and
Savi Technology Inc. in 2006. Operating profit for IS&GS
increased by 11% for the quarter.
Space Systems decreased its sales by 9% for the quarter. This
decline was expected, since the company divested its activities
in the international launch services business in the fourth
quarter of 2006 in parallel to the formation of United
Launch Alliance (ULA) joint venture with Boeing,
resulting in shifting of Atlas launch vehicles and related support
to the U.S. Government, to ULA. The upside of Lockheed Martin's
space related activities was an increases in Strategic &
Defensive Missile Systems (S&DMS) and higher volume activities
in satellites sales to the US government which more than offset
the absence of commercial satellite deliveries in the period.
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