OREANDA-NEWS. Lockheed Martin Corporation [NYSE: LMT] today reported first quarter 2015 net sales of \\$10.1 billion, compared to \\$10.7 billion in the first quarter of 2014. Net earnings in the first quarter of 2015 were \\$878 million, or \\$2.74 per share, compared to \\$933 million, or \\$2.87 per share, in the first quarter of 2014. Cash from operations in the first quarter of 2015 was \\$957 million, compared to cash from operations of \\$2.1 billion in the first quarter of 2014.

“Our team continues to deliver solid performance for our customers and strong results for our shareholders,” said Marillyn Hewson, Lockheed Martin Chairman, President and CEO. “We remain focused on successfully competing in the global marketplace and delivering industry-leading affordable products and technologies to our customers.”

Summary Financial Results
The following table presents the Corporation’s summary financial results.

(in millions, except per share data)

Quarters Ended

 

 

 

 

 

 

 

March 29,

 

 

March 30,

 

 

 

 

 

 

 

2015

 

 

2014

Net sales     

 

 

 

\\$

10,111

 

\\$

10,650

Business segment operating profit

 

 

 

\\$

1,306

 

\\$

1,429

Unallocated items

 

 

 

 

FAS/CAS pension adjustment

 

 

119

 

86

Other, net

 

 

 

 

(69)

  

(83)

Total unallocated items

 

 

 

 

50

 

3

Consolidated operating profit

 

 

 

\\$

1,356

 

\\$

1,432

Net earnings

 

 

 

\\$

878

 

\\$

933

Diluted earnings per share

 

 

 

\\$

2.74

 

\\$

2.87

Cash from operations

 

 

 

\\$

957

 

\\$

2,100


2015 Financial Outlook
The following table and other sections of this news release contain forward-looking statements, which are based on the Corporation’s current expectations. Actual results may differ materially from those projected. It is the Corporation’s practice not to incorporate adjustments into its financial outlook for proposed acquisitions, divestitures, ventures, changes in law and restructuring activities (including special items) until such items have been consummated or enacted. For additional factors that may impact the Corporation’s actual results, refer to the “Forward-Looking Statements” section in this news release.

(in millions, except per share data)

Current Update

January 2015

Orders

 

No Change

\\$43,500 – \\$45,000

Net sales       

 

No Change

\\$43,500 – \\$45,000

Business segment operating profit

 

\\$5,150 – \\$5,300

\\$5,100 – \\$5,250

   FAS/CAS pension adjustment

No Change

~475

   Other, net

No Change

~(275)

Consolidated operating profit

 

\\$5,350 – \\$5,500

\\$5,300 – \\$5,450

Diluted earnings per share

 

\\$10.85 – \\$11.15

\\$10.80 – \\$11.10

Cash from operations

 

No Change

? \\$5,000

Cash Activities
The Corporation’s cash deployment activities in the first quarter of 2015 consisted of the following:

  • repurchasing 3.0 million shares for \\$604 million, compared to 7.0 million shares for \\$1.1 billion in the first quarter of 2014;
  •  paying cash dividends of \\$498 million, compared to \\$444 million in the first quarter of 2014; and
  • making capital expenditures of \\$118 million, compared to \\$103 million in the first quarter of 2014.

On Feb. 20, 2015, the Corporation issued \\$2.25 billion of notes in a registered public offering consisting of \\$750 million maturing in 2025 with a fixed interest rate of 2.90%, \\$500 million maturing in 2035 with a fixed interest rate of 3.60% and \\$1.0 billion maturing in 2045 with a fixed interest rate of 3.80%.