BETHESDA, Md. — Lockheed Martin Corporation (NYSE: LMT) on Tuesday reported third quarter 2014 net sales of $11.1 billion, down 2.1 percent compared to $11.3 billion in the third quarter of 2013.
Year-to-date sales have decreased 2.3 percent to $33.07 billion, down from 2013's $33.83 billion.
However, net earnings from continuing operations in the third quarter of 2014 were $888 million, or $2.76 per diluted share, increasing from the $842 million, or $2.57 per diluted share, in the third quarter of 2013.
Cash from operations in the third quarter of 2014 was $990 million, compared to $900 million in the third quarter of 2013.
Third quarter 2014 net earnings include FAS/CAS pension income of $84 million, which increased net earnings by $52 million, or $0.16 per diluted share. FAS/CAS pension income reflects an approximate $55 million reduction in CAS pension costs due to the enactment of The Highway and Transportation Funding Act of 2014 (HATFA), which lowered earnings by $35 million, or $0.11 per diluted share. Third quarter 2013 net earnings include FAS/CAS pension expense of $121 million, which reduced net earnings by $75 million, or $0.23 per diluted share.
"Although we continue to face global economic challenges, our program and operational performance this quarter resulted in increased earnings per share and strong cash generation," said Chairman, President and CEO Marillyn Hewson. "As we look ahead to 2015, we will remain focused on delivering for our customers, returning value to our shareholders, advancing our technologies and investing in our people."
Lockheed Martin is a global security and aerospace company that employs approximately 113,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.