Lockheed Martin report increased net sales, earnings, & increases 2012 segment profit outlook
-- Net sales increased 6 percent to $11.3 billion
-- Earnings from continuing operations increased 20 percent to $665 million
-- Earnings per diluted share from continuing operations increased 29 percent to $2.02
-- Increases 2012 segment operating profit outlook
Lockheed Martin Corporation (NYSE: LMT) reports first quarter 2012 net sales of $11.3 billion compared to $10.6 billion in 2011. Earnings from continuing operations during the first quarter of 2012 were $665 million, or $2.02 per diluted share, compared to $556 million, or $1.57 per diluted share, in 2011. Cash from operations during the first quarter of 2012 was $458 million, after pension contributions of $505 million and tax payments of $150 million, compared to cash from operations of $1.7 billion during the first quarter of 2011, which benefited from a tax refund of $236 million and no pension contributions.
"Our strong first quarter results reflect the strength of our portfolio and the commitment of our team to deliver value to our customers and shareholders," said Bob Stevens, chairman and chief executive officer. "Throughout the remainder of 2012, we will focus on reducing costs and improving program execution to remain competitive and deliver value."
Net sales in the Electronic Systems business segment increased $127 million, or 4 percent, during the first quarter of 2012, compared to the corresponding period in 2011. The increase was due to higher net sales of about $180 million from ship and aviation programs due to increased volume on programs such as Persistent Threat Detection System (PTDS), Littoral Combat Ship.