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Lockheed Martin Quarterly Profits Decline 14%

|Includes:Lockheed Martin (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.

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Stocks: LMT