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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Lockheed Martin Quarterly Profits Decline 14% 0 comments
    Jan 23, 2014 11:34 AM | about stocks: LMT

    Originally published at

    Lockheed Martin Corporation (NYSE:LMT) announced its quarterly and annual financial results for the fiscal year 2013, reporting a quarterly profit decline of 14%. The Bethesda, Maryland-based defense contractor posted quarterly profits of $488M and $1.50 per share, a 14.2% decline from the $569M and $1.73 per share in the year-ago quarter. The quarterly profit decline is explained partially from U.S. defense spending cuts as well as severance charges as the company reduced its workforce. Full-year profits jumped to a record $3.0B and $9.04 per share, up from $2.7B and $8.36 per share in 2012. Lockheed Martin quarterly revenues fell from $12.1B to $11.5B while full-year revenue dropped from $47.2B to $45.4B. CEO Marillyn Hewson remarked that the company's employees did an outstanding job that resulted in record earnings, margins, and backlog.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: LMT
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