Lockheed Martin Reports Fourth Quarter and Full Year 2015 Results
January 26, 2016 | Lockheed MartinEstimated reading time: 2 minutes
Highlights:
- Net sales of $12.9 billion in the fourth quarter and $46.1 billion in 2015
- Net earnings of $933 million, or $3.01 per share, in the fourth quarter and $3.6 billion, or $11.46 per share, in 2015
- Generated cash from operations of $1.4 billion in the fourth quarter and $5.1 billion in 2015
- Announces agreement to separate and combine government IT and technical services businesses with Leidos Holdings, Inc.
- Closed the acquisition of Sikorsky Aircraft Corporation
- Achieved record backlog of $99.6 billion, including $15.6 billion for Sikorsky
- 2016 financial outlook provided
Lockheed Martin today reported fourth quarter 2015 net sales of $12.9 billion, compared to $12.5 billion in the fourth quarter of 2014. Net earnings in the fourth quarter of 2015 were $933 million, or $3.01 per share, compared to $904 million, or $2.82 per share, in the fourth quarter of 2014. Cash from operations in the fourth quarter of 2015 was $1.4 billion, compared to $(201) million of cash used in operations, after pension contributions of $1.0 billion, in the fourth quarter of 2014.
Fourth quarter 2015 net earnings included a special charge for workforce reductions of $67 million, which decreased net earnings $44 million, or $0.14 per share; and non-recoverable transaction costs of $45 million associated with the acquisition of Sikorsky Aircraft Corporation (Sikorsky) and the Corporation’s strategic review of its government IT and technical services businesses, which decreased net earnings $28 million, or $0.09 per share. These costs were offset by the recognition of a full-year U.S. research and development (R&D) tax credit resulting from the enactment of tax legislation in the fourth quarter of 2015, which increased net earnings $71 million, or $0.23 per share. Fourth quarter 2014 net earnings included a special charge for a non-cash goodwill impairment of $119 million, which decreased net earnings $107 million, or $0.33 per share, partially offset by the recognition of a full-year R&D tax credit due to the temporary reinstatement of the R&D tax credit in the fourth quarter of 2014, which increased earnings $45 million, or $0.14 per share.
Net sales in 2015 were $46.1 billion, compared to $45.6 billion in 2014. Net earnings in 2015 were $3.6 billion, or $11.46 per share, compared to $3.6 billion, or $11.21 per share, in 2014. Cash from operations in 2015 was $5.1 billion, compared to cash from operations in 2014 of $3.9 billion after pension contributions of $2.0 billion.
Net earnings in 2015 included special charges for workforce reductions of $102 million, which decreased net earnings $66 million, or $0.21 per share; and non-recoverable transaction costs of $45 million associated with the acquisition of Sikorsky and the Corporation’s strategic review of its government IT and technical services businesses, which decreased net earnings $28 million, or $0.09 per share. These costs were offset by the recognition of the R&D tax credit, which increased net earnings $71 million, or $0.23 per share. Net earnings in 2014 included a special charge for a non-cash goodwill impairment of $119 million, which decreased net earnings $107 million, or $0.33 per share, partially offset by the recognition of the R&D tax credit, which increased earnings $45 million, or $0.14 per share.
“The corporation completed a year of exceptional operational accomplishments for customers and financial returns to stockholders,” said Lockheed Martin Chairman, President and CEO Marillyn Hewson. “The successful closure of the Sikorsky acquisition and completion of the strategic review of our IS&GS businesses, coupled with our record backlog, position the corporation for future growth and value creation for our customers and our stockholders.”
Suggested Items
Incap Releases Unaudited Business Review for January–March 2024
05/08/2024 | IncapRevenue for the first quarter 2024 amounted to EUR 51.4 million (1–3/2023: EUR 72.2 million). Year-on-year the revenue decreased 29.3%, as expected.
Schweizer Electronic: Business Development in Q1 2024
05/08/2024 | Schweizer Electronic AGThe sales of the SCHWEIZER Group amounted to EUR 39.2 million in the first quarter of 2024 (Q1 2023: EUR 37.1 million). This corresponds to an increase of +5.5 percent compared to the same quarter of the previous year.
Key Tronic Announces Results for Q3 of Fiscal Year 2024
05/08/2024 | Globe NewswireFor the third quarter of fiscal year 2024, Key Tronic reported total revenue of $140.5 million, compared to $164.6 million in the same period of fiscal year 2023.
Fabrinet Announces Q3 Fiscal Year 2024 Financial Results
05/07/2024 | FabrinetFabrinet, a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for its third fiscal quarter ended March 29, 2024.
Tablet Shipments Show Signs of Recovery in Q1 2024
05/06/2024 | IDCAfter more than two years of decline, worldwide tablet shipments posted modest year-over-year growth of 0.5% in the first quarter of 2024 (1Q24), totaling 30.8 million units, according to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker.