Lockheed Martin Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017
January 24, 2017 at 05:55 pm IST
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Lockheed Martin Corporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net sales of $13,752 million against $11,520 million a year ago. Operating profit was $1,428 million against $1,100 million a year ago. Earnings from continuing operations before income taxes were $1,255 million against $982 million a year ago. Net earnings were $988 million against $933 million a year ago. Diluted earnings per common share were $3.35 against $3.01 a year ago. Cash from operations was $729 million compared to $1,364 million a year ago.
For the year, the company reported net sales of $47,248 million against $40,536 million a year ago. Operating profit was $5,549 million against $4,712 million a year ago. Earnings from continuing operations before income taxes were $4,886 million against $4,299 million a year ago. Net earnings were $5,302 million against $3,605 million a year ago. Diluted earnings per common share were $17.49 against $11.46 a year ago. Net cash provided by operating activities was $5,189 million against $5,101 million a year ago. Capital expenditures were $1,063 million against $939 million a year ago.
For the year 2017, the company net sales will be in the range of $49,400 million to $50,600 million. Consolidated operating profit will be in the range of $5,595 million to $5,715 million. Diluted earnings per share will be in the range of $12.25 to $12.55. Cash from operations will be greater than $5,700 million.
Lockheed Martin Corporation specializes in the design, manufacturing and marketing of aeronautic, submarine, and aerospace systems. Net sales break down by activity as follows:
- sale of aeronautic systems (40.7%): military and civilian aircraft, primarily for government organizations;
- sale of helicopters, mission and electronic systems (24%): military and commercial helicopters, ships, sea and land-based missile defense systems, radars, sensors, sea and air-based mission and combat systems, training systems, cyber solutions, command, control and communication systems, surveillance and reconnaissance systems, simulation and training systems, etc.;
- sales of aerospace systems (18.7%): satellite systems, missile systems and space transport systems;
- sale of air defense and fire control systems (16.6%): air and missile defense systems, tactical missiles, precision strike weapons systems, fire control systems, etc. The group also offers support services for mission operations, preparation, technical support, integration services, etc.
Net sales break down by source of income into sales of products (83.3%) and services (16.7%).
Net sales are distributed geographically as follows: the United States (74.3%), Europe (9.5%), Asia/Pacific (8.3%), Middle East (5.8%) and other (2.1%).
Lockheed Martin Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017