Lockheed Martin incurred reduced net earnings of $114 million, or $0.39 per share due to a $120 million charge on a 'loss program' to design, integrate, and install an integrated air missile defense C4I system for an international customer.
Lockheed Martin reported Tuesday first quarter 2017 net sales of $11.1 billion, compared to $10.4 billion in the first quarter of 2016. Net earnings from continuing operations in the first quarter of 2017 were $763 million, or $2.61 per share, compared to $806 million, or $2.61 per share, in the first quarter of 2016. Cash from operations was $1.7 billion in both the first quarter of 2017 and 2016.
First quarter 2017 net earnings from continuing operations includes a $120 million charge, recorded at Rotary and Mission Systems (RMS), for a loss program to design, integrate, and install an integrated air missile defense C4I system for an international customer and a $64 million charge, which represents the Corporation's portion of a non-cash asset impairment charge recorded by an international equity method investee. These charges had the effect of reducing net earnings by $114 million, or $0.39 per share, the company said in a statement Monday.
Net earnings from continuing operations for the first quarter of 2016 included a special charge of $80 million for workforce reductions at the Corporation's Aeronautics business segment, which decreased net earnings $49 million, or $0.16 per share.
"Our team delivered strong performance for our customers in the first quarter that resulted in sales growth in every business segment," said Chairman, President, and CEO Marillyn Hewson.
"While our net earnings were impacted by certain adjustments, we increased our outlook for full year cash from operations by $300 million to at least $6.0 billion and we continue to position the company to deliver outstanding value to customers and shareholders."
Lockheed Martin's fifth Mobile User Objective System (MUOS) satellite will support US Naval troops with ultra high frequency communications. The MUOS-5 satellite has completed Global Military Cellular Network as spare for next-generation capabilities
The US Army has ordered additional AN/TPQ-53 counterfire radar systems under a $1.6 billion order-dependent contract awarded to Lockheed Martin
Lockheed Martin announces new Solid State Radar Integration Site that will significantly reduce risk before the missile defense radar is constructed in Alaska Lockheed Martin utilized a scaled Long Range Discrimination Radar (LRDR) system to successfully demonstrate Critical Technology Elements (CTEs) in a relevant end to end environment, the company said in a statement Thursday. The Missile Defense Agency (MDA) in 2015 awarded the $784 million contract to Lockheed Martin to develop, build and test LRDR, and the company is on track on an aggressive schedule to deliver the radar to Clear, Alaska
Lockheed Martin won a $100 million contract from the US Air Force to provide additional production support for the inventory of Joint Air-to-Surface Standoff Missiles (JASSM). "Lockheed Martin Corporation [of] Orlando, Florida, has been awarded a $100 million… contract for Joint Air-to-Surface Standoff Missile (JASSM) production support," the Department of Defense said in a press release on Tuesday
Lockheed Martin has been awarded a foreign military sales contract to provide hardware and engineering services for Japanese F-35 Lightening II Joint Strike Fighters. “Lockheed Martin Corp
Lockheed Martin has designed four-rotor unmanned aerial system (UAS), Indago 3, to boost military intelligence operations. A new four-rotor unmanned aerial system (UAS) enables US and other military forces to securely complete sensitive intelligence, surveillance and reconnaissance (ISR) missions
Lockheed Martin has won $1.3 billion advance acquisition contract for long-lead time materials, parts, components, and effort for 130 F-35 Lightning II aircraft for the Air Force, Navy and Marine Corps
Lockheed Martin has won contract to upgrade the Modernized Target Acquisition Designation Sight/Pilot Night Vision Sensor (M‑TADS/PNVS) system for Japan's fleet of AH-64DJP Apache attack helicopters and provide Performance Based Logistics (PBL) support. Under the M-TADS/PNVS contract, Lockheed Martin will deliver 14 laser designation kits through 2020 to upgrade Japan Ground Self Defense Force (JGSDF) M-TADS systems, the company announced Wednesday
Lockheed Martin booked $184M in charges on two Middle East contracts, in a move that highlights the potential pitfalls of the overseas deals that have been driving growth for US defense contractors. Lockheed Martin took charges on a new missile-defense system being developed for the UAE and an Abu Dhabi-based aircraft maintenance joint venture, ending a multi-quarter run of earnings beats, the company said in a statement Tuesday
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