Lockheed Martin Profit Up 10% to US$ 859 mil. in 2Q
Bethesda, MD., July 24, 2013 — Lockheed Martin Corp. reported on Tuesday profits rose by 10 percent to $859 million during the second quarter, prompting the company to raise its profit guidance for the year.
Billed the world’s largest defense contractor, Lockheed posted second quarter 2013 net sales of $11.4 billion compared to $11.9 billion in the second quarter of 2012. Its net earnings of $859 million was equivalent to $2.64 per diluted share, compared to $781 million net earnings, or $2.38 per diluted share, in the second quarter of 2012. Cash from operations in the second quarter of 2013 was $623 million, compared to cash from operations of $845 million in the second quarter of 2012.
“Overall, we had strong operational performance and program execution across all business areas this quarter, enabling us to increase 2013 financial guidance for operating profit, earnings per share, and cash from operations," said Lockheed Martin Chief Executive Officer and President Marillyn Hewson.
“Even in an uncertain budget environment, our portfolio of products and capabilities, robust cash generation, and outstanding performance by our 116,000 employees, continue to deliver value to our customers and shareholders,” he added.
Space Systems, one of the five business segments of Lockheed, reported a decrease in its net sales by $301 million, or 13 percent, for the second quarter, and $234 million, or 5 percent, for the first six months of 2013 compared to the same periods in 2012.
The decreases in both periods were attributed to the failure of the company to deliver a single commercial satellite in the second quarter and first six months of 2013 compared to two deliveries made during the same periods in 2012.
The decreases were partially offset by higher net sales of approximately $90 million for the second quarter and approximately $140 million for the first six months of 2013 as a result of increased volume on government satellite programs, primarily the Advanced Extremely High Frequency and Global Positioning System. Net sales also increased by approximately $80 million for the first six months of 2013 due to higher volume on strategic and defensive missile programs.
Space Systems’ operating profit decreased $24 million, or 8 percent, for the second quarter and $33 million, or 6 percent, for the first six months of 2013 compared to the same periods in 2012.
Related Articles:
