AviationGeeks.com - Lockheed Martin Announces Third Quarter 2011 Results

Lockheed Martin Corporation today reported third quarter 2011 net sales of $12.1 billion, compared to $11.3 billion in 2010. Earnings from continuing operations during the third quarter of 2011 were $665 million, or $1.99 per diluted share, compared to $557 million, or $1.53 per diluted share, in 2010.  Cash from operations during the third quarter of 2011 was $511 million, compared to $513 million during 2010.

-  Net sales grew 7 percent to $12.1 billion

-  Earnings from continuing operations grew 19 percent to $665 million

-  Earnings per diluted share from continuing operations grew 30 percent to $1.99

-  Increased quarterly dividend 33 percent to $1.00 per share

-  Repurchased 13.4 million shares at a cost of $964 million

-  Increases 2011 outlook and provides trend information for 2012

Third quarter 2011 results included a special charge of $39 million, which reduced earnings by $25 million, or $0.07 per diluted share, related to planned workforce reductions at Information Systems & Global Solutions (IS&GS) and Corporate Headquarters. The third quarter of 2010 included a special charge of $178 million related to the Voluntary Executive Separation Program (VESP), which decreased earnings by $116 million, or $0.32 per diluted share.

Consistent with prior periods, third quarter 2011 results also included a FAS/CAS pension expense adjustment of $231 million, which reduced earnings by $143 million, or $0.43 per diluted share, compared to a FAS/CAS pension expense adjustment of $111 million, which reduced earnings by $69 million, or $0.19 per diluted share, in 2010.

“Our focus on program execution in support of our customers resulted in a strong third quarter,” said Bob Stevens, chairman and chief executive officer.  “We continue to take aggressive actions, including painful workforce reductions, to reduce costs and deliver value to our customers and shareholders in this challenging global security and economic reality that we expect will extend into 2012.”

Source: Lockheed Martin