Bethesda, MD, April 21st, 2009 --
First quarter net sales of $10.4 billion
First quarter earnings per share of $1.68
First quarter net earnings of $666 million
Generated $1.2 billion in cash from operations for the quarter
Increases outlook for 2009 earnings per share, cash from operations, and return on invested capital (ROIC)
Lockheed Martin Corporation (NYSE: LMT) today reported first quarter 2009 net earnings of $666 million ($1.68 per diluted share), compared to $730 million ($1.75 per diluted share) in 2008. Net earnings in 2009 included higher pension expense as previously disclosed in our January 22, 2009 earnings release and in our 2008 Form 10-K. In 2009, the FAS/CAS pension adjustment was ($114) million, which decreased net earnings by $74 million ($0.19 per share). In 2008, the FAS/CAS pension adjustment was $32 million, which increased net earnings by $21 million ($0.05 per share).
Net sales for the first quarter of 2009 were $10.4 billion, compared to $10.0 billion in 2008. Cash from operations for the first quarter of 2009 was $1.2 billion, compared to $880 million in 2008.
“The Corporation is off to a solid start in the first quarter of 2009,” said Bob Stevens, Chairman, President and CEO. “Our team of 146,000 dedicated employees continues to focus on enhancing shareholder and customer value by utilizing the depth and breadth of our capabilities as the world’s premier global security company.”
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Financial Results, Lockheed Martin (NYSE:LMT)
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