Summary
Lockheed Martin Corporation (LMT) reported its third-quarter and nine-month results for the period ending September 28, 2008. Overall net sales saw a slight decrease in the third quarter compared to the prior year, primarily due to lower deliveries in the Aeronautics and Space Systems segments. However, for the nine-month period, net sales increased, driven by growth in Electronic Systems and Information Systems & Global Services (IS&GS). Profitability showed a positive trend, with operating profit increasing in both the third quarter and the nine-month period. This improvement was supported by favorable impacts from pension adjustments and higher equity earnings from United Launch Alliance (ULA). Net earnings also rose year-over-year for both periods. The company continues to manage its capital through share repurchases, dividend payments, and strategic debt management, reflecting a disciplined approach to shareholder value enhancement amidst a complex economic environment.
Financial Highlights
26 data pointsKey Highlights
- 1Net sales for Q3 2008 decreased by 5% to $10.6 billion, while nine-month sales increased by 2% to $31.6 billion.
- 2Operating profit increased by 7% to $1,242 million in Q3 2008 and by 14% to $3,783 million for the nine months.
- 3Net earnings for Q3 2008 were $782 million ($1.92 per share), up from $766 million ($1.80 per share) in Q3 2007.
- 4The Aeronautics segment experienced a 13% sales decline in Q3, mainly due to lower combat aircraft and C-130J program deliveries.
- 5Electronic Systems and Information Systems & Global Services (IS&GS) reported sales growth for the nine-month period, driven by missile programs and global services activities, respectively.
- 6Space Systems saw a significant 14% sales decrease in Q3, impacted by fewer commercial satellite deliveries.
- 7The company repurchased $2,338 million of common stock in the first nine months of 2008 and increased its quarterly dividend to $0.57 per share, effective Q4 2008.