Lockheed Martin earnings climb in Q4 and 2014

Lockheed Martin Corp. (NYSE: LMT) on Tuesday reported net earnings from continuing operations of $904 million in the fourth quarter, compared to $488 million in the year-ago period.

The Bethesda, Md.–based defense contractor earned $2.82 per share in the fourth quarter, compared to $1.50 a share in the year-earlier period.

The company operates plants in Salina and Owego, employing 4,200 people combined, that are part of Lockheed’s mission systems and training business.

The firm generated revenue of $12.5 billion in the fourth quarter, up from the $11.5 billion in revenue generated in the fourth quarter of 2013, the company said.

For the entire year, Lockheed Martin earned $3.6 billion, or $11.21 per diluted share, compared to $3 billion, or $9.04 per diluted share, in 2013.

The company generated $45.6 billion revenue in 2014, slightly higher than the $45.4 billion produced in 2013.

Cash from operations for 2014 totaled $3.9 billion after pension contributions of $2 billion, compared to cash from operations for 2013 of $4.5 billion after pension contributions of $2.25 billion.

 “We delivered outstanding performance in the fourth quarter, which enabled us to end 2014 with sales growth and a backlog of nearly $81 billion, while also returning more than $3.7 billion to our shareholders,” Marillyn Hewson, chairman, president and CEO of Lockheed Martin, said in the Lockheed earnings report. “Our performance was the result of solid program execution by our team, strong international business growth and a continued focus on the affordability of our products and operations.”