Exhibit 99.1

 

 

News Release

 

LOCKHEED MARTIN REPORTS FOURTH QUARTER

AND FULL YEAR 2014 RESULTS

 

·Net sales of $12.5 billion for the fourth quarter and $45.6 billion for 2014
·Net earnings from continuing operations of $904 million, or $2.82 per diluted share, for the fourth quarter and $3.6 billion, or $11.21 per diluted share, for 2014
·Generated cash from operations of $3.9 billion in 2014 after pension contributions of $2.0 billion
·Achieved ending backlog of $80.5 billion
·2015 financial outlook provided

 

BETHESDA, Md., Jan. 27, 2015

– Lockheed Martin Corporation [NYSE: LMT] today reported fourth quarter 2014 net sales of $12.5 billion compared to $11.5 billion in the fourth quarter of 2013. Net earnings from continuing operations in the fourth quarter of 2014 were $904 million, or $2.82 per diluted share, compared to $488 million, or $1.50 per diluted share, in the fourth quarter of 2013. Cash used in operations in the fourth quarter of 2014 was $(201) million after pension contributions of $1.0 billion, compared to cash generated from operations of $938 million after pension contributions of $750 million in the fourth quarter of 2013.

 

Fourth quarter 2014 net earnings from continuing operations included a special charge for a non-cash goodwill impairment of $119 million, which decreased net earnings by $107 million, or $0.33 per diluted share, partially offset by a decrease in income tax expense due to the retroactive reinstatement of the U.S. research and development (R&D) tax credit for 2014, which increased earnings $45 million, or $0.14 per diluted share. Fourth quarter 2013 net earnings from continuing operations included a special charge for a non-cash goodwill impairment of $195 million, which reduced earnings by $176 million, or $0.54 per diluted share; and a special charge for workforce reductions of $171 million, which reduced earnings by $111 million, or $0.34 per diluted share. Net earnings from continuing operations for the fourth quarter of 2014 also included FAS/CAS pension income of $121 million, which increased net earnings by $75 million, or $0.23 per diluted share, compared to FAS/CAS pension expense of $120 million, which reduced net earnings by $74 million, or $0.23 per diluted share, for the fourth quarter of 2013.

 

Net sales for 2014 were $45.6 billion compared to $45.4 billion in 2013. Net earnings from continuing operations in 2014 were $3.6 billion, or $11.21 per diluted share, compared to $3.0 billion, or $9.04 per diluted share, in 2013. Cash from operations for 2014 was $3.9 billion after pension contributions of $2.0 billion, compared to cash from operations for 2013 of $4.5 billion after pension contributions of $2.25 billion.

 

Net earnings from continuing operations for 2014 included a special charge for a non-cash goodwill impairment of $119 million, which decreased net earnings by $107 million, or $0.33 per diluted share;

 


The following information was filed by Lockheed Martin Corp (LMT) on Tuesday, January 27, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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