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极佳起始日期为2008年第一季度结果反映继续推进我们建设世界首屈一指安全公司的承诺, Bob Stevens说,CEO/CEO/总裁/总裁/CEO万博manbetx官方app并持续响应客户需求同时提高客户价值持续成功反映了我们全心全意和有才的员工的努力,他们理解全球客户所面临的重大挑战。”
汇总报告结果和展望
下表显示公司根据公认会计原则2008年第一季度和2007年第一季度的结果
REPORTED RESULTS 1st Quarter (In millions, except per share data) 2008 2007 Net sales $9,983 $9,275 Operating profit Segment operating profit $1,150 $999 Unallocated corporate, net: FAS/CAS pension adjustment 32 (14) Unusual items, net 16 46 Stock compensation expense (35) (49) Other, net 15 3 $1,178 $985 Interest expense 87 93 Other non-operating (expense) / income, net(1) (7) 37 Earnings before income taxes 1,084 929 Income taxes 354 239 Net earnings $730 $690 Diluted earnings per share $1.75 $1.60 Cash from operations $882 $1,482 (1) Includes interest income and unrealized (losses) gains, net on marketable securities held to fund certain employee benefit obligations.
下表和本新闻稿其他部分包含前瞻性声明,这些声明基于公司当前期望实际结果可能与预测结果大相径庭参看新闻发布稿中的前向声明
2008 FINANCIAL OUTLOOK(1) 2008 Projections (In millions, except per share data and percentages) Current Update January 2008 Net sales $41,800 - $42,800 $41,800 - $42,800 Operating profit: Segment operating profit $4,750 - $4,875 $4,715 - $4,840 Unallocated corporate expense, net: FAS/CAS pension adjustment 125 125 Unusual items, net 15 -- Stock compensation expense (155) (170) Other, net (40) (65) 4,695 - 4,820 4,605 - 4,730 Interest expense (360) (345) Other non-operating income / (expense), net 45 145 Earnings before income taxes $4,380 - $4,505 $4,405 - $4,530 Diluted earnings per share $7.15 - $7.35 $7.05 - $7.25 Cash from operations >/= $4,200 >/= $4,200 ROIC(2) >/= 19.0% >/= 18.5% (1) All amounts approximate (2) See discussion of non-GAAP performance measures at the end of this document
公司预测2008年增加0.10大增因SpaceSystem部分高预测分量运营利润而减少的每股收益
最新预测包括:* 假设全年平均稀释股因第一季度回购而未清减少预期股票补偿和其他未分配公司费用上下文标题Un分配企业收入(ExclemationCriptive,Net)详解因投资现金结存利率下降和为某些员工福利义务供资的有价证券未实现损益而减少其他非运营收入和* 利息增支,原因是上季度发行5亿美元债务如下
公司的惯例是不在完成这些事务前调整拟购置、拆股、合资企业或其他异常活动的前景
平衡现金部署策略
公司在第一季度继续执行平衡现金部署策略如下:
重购1130万股价12亿美元支付现金股息共1.72亿美元并实现资本支出1.04亿美元
2008年3月,Corpt发行5亿美元2013年到期债务,折价4.121%
段结果
公司分四大工商段运营:Acie电子系统信息系统全局服务和空间系统
下表显示四个业务段的运营结果并调节这些结果与Corporation合并财务结果
(In millions) 1st Quarter 2008 2007 Net sales Aeronautics $2,807 $2,821 Electronic Systems 2,789 2,515 Information Systems & Global Services 2,504 2,145 Space Systems 1,883 1,794 Total net sales $9,983 $9,275 Operating profit Aeronautics $323 $299 Electronic Systems 366 317 Information Systems & Global Services 230 198 Space Systems 231 185 Segment operating profit 1,150 999 Unallocated corporate income (expense), net 28 (14) Total operating profit $1,178 $985
以下讨论比较了2008年第一季度至2007年第一季度的运营结果
Aeronautics ($ millions) 1st Quarter 2008 2007 Net sales $2,807 $2,821 Operating profit $323 $299 Operating margin 11.5% 10.6%
航空净销售比2007年第一季度略低销售量下降是由于作战飞机下降,部分由空中机动性增加所抵消敌机下降主要是因为F-16和F-117程序量下降,这抵消了F-22和F-35卷量的增加。空气移动量增加主要是因为C-130程序量增加,这足以抵消C-5程序量下降
段运营利润比2007年第一季度增加8%运营利润增加主要是由于空气移动C-130程序量增加和F-16战机程序性能提高
Electronic Systems ($ millions) 1st Quarter 2008 2007 Net sales $2,789 $2,515 Operating profit $366 $317 Operating margin 13.1% 12.6%
电子系统净销售比2007年第一季度增加11%增加的主要原因是导弹与消防控制系统以及海陆系统与传感器雷达活动量增加
电子系统运营利润比2007年第一季度增加15%增加的主要原因是容量提高并改进M&FC消防和战术导弹程序以及MS2地面系统与雷达活动性能
Information Systems & Global Services ($ millions) 1st Quarter 2008 2007 Net sales $2,504 $2,145 Operating profit $230 $198 Operating margin 9.2% 9.2%
IS&GS净销售比2007年第一季度增加17%分段三大业务中销售量都增加任务解决方案销售量增加是因为任务和战斗支持解决方案量增加信息系统销售量增加是因为信息技术程序量增加太平洋建筑工程师公司增长促使全球服务公司销售量增加
IS&GS业务利润比2007年第一季度增加16%信息系统和任务解决方案业务利润增加,全球服务保持相对不变信息系统增加主要是由于2008年第一季度合同重组任务解决方案增加的主要原因是任务销售量增长和战斗支持解决方案
Space Systems ($ millions) 1st Quarter 2008 2007 Net sales $1,883 $1,794 Operating profit $231 $185 Operating margin 12.3% 10.3%
空间系统净销售比2007年第一季度增加5%季度期间,空间交通销售增长因战略防御系统(S&DMS)和卫星下降而部分相抵空间交通销售增长主要是因为Orion程序量增加S&DMS销售下降主要是因为战略导弹程序量下降卫星公司政府卫星活动量下降部分被商业卫星活动增加所抵消2008年第一季度有一颗商业卫星交付,2007年第一季度没有交付
段运营利润比2007年第一季度增加25%季度间空间运输运营增益部分被卫星下降所抵消空间运输增加的主要原因是联合发射联盟合资企业股本增加和成功谈判终止商业发射服务合同的结果卫星项目下降的主要原因是政府卫星活动量减少
Unallocated Corporate Income (Expense), Net ($ millions) 1st Quarter 2008 2007 FAS/CAS pension adjustment $32 $(14) Unusual items, net 16 46 Stock compensation expense (35) (49) Other, net 15 3 Unallocated corporate income (expense), net $28 $(14)
与高层管理评价公司业务段性能的方式一致,某些项目被排除在业务段结果之外并列入“未分配公司收入(费用净值)”。见Corpt2007表10K描述“未分配公司收入(费用净值)”,包括FAS/CAS养恤金调整
FAS/CAS养恤金调整法(计算FAS87费用与CAS费用之差)2008年转入收入项,原因是贴现率提高以及计划资产实际回报等其他因素此项修改与Corporation先前披露计算这些数额时所用的假设一致。
为了段段报告目的,下列异常项目被列入2008年第一季度和2007年第一季度的“未分配公司收入(费用净值):
万博手机app2008-* 扣除国家所得税后增益1 600万美元,表示确认2006年Lockheed Khrunichev Energia国际公司出售控股权后延迟净增益的一部分万博手机appLKEI和国际发射服务公司公司在出售时推迟确认收益,等待其退还未来发射服务预付款的责任到期2008年3月30日递延增益5 700万美元有待确认为异常项目,因为未来发射服务提供
2008年第一季度本项净收入增加1 000万美元(每股0.02美元)。
增益净国税2500万元与土地出售相关和*净收国家所得税2100万元,与从解决某些诉讼请求中撤销法律储备有关
这些项目加上下文描述的5 900万美元所得税益益(每股0.14美元),2007年第一季度净收益增加8 900万美元(每股0.21美元)。
所得税
2008年第一季度和2007年第一季度有效所得税率为32.7%和25.7%。这两种税率均低于35%的法定税率,主要原因是美国税务优惠制造活动和股息与员工股权计划相关研发信用2007年12月31日到期后,2007年第一季度有效税率进一步下降此外,2007年第一季度收入税支出减少了5 900万美元(每股0.14美元),原因是完成了IRS审核,该季度有效税率也降低了6.4%。
Lockheed Martin总部设在BethesdaMd.公司,在全世界雇用约140 000人,主要从事先进技术系统、产品和服务的研究、设计、开发、制造、整合和维护
网站:www.www.sanisfeer.com
会议电话:Lockheed Martin上午11时网络直播收益会议调用(只听模式)E.D.T.4月22日现场直播,包括相关图表,见公司网站投资者关系网页://www.sanisfeer.com/investor.
延迟发布声明
文章中那些前视语句基于Lockheed Martin当前期望和假设前向报表包括未来销售估计值、收益估计值和现金流动估计值报表不保证未来性能并受风险和不确定因素影响万博手机app实际结果可能因各种因素而大相径庭,例如:政府能否为国内和国际产品和服务提供资金改变政府和客户优先级和需求(包括修改响应国防部审查、国会行动、预算约束、削减成本倡议、选举周期、恐怖威胁和国土安全)持续在伊拉克和阿富汗的军事行动对现有防御程序供资的影响授标或终止契约退休金计划资产回报率、利息贴现率以及其他可能影响退休金计划假设的变动研发操作先进技术系统困难时间和客户接受产品交付关键供应商、分包商和客户提供材料和性能未来减值评审收费可能导致识别损耗并减值商誉或其他长期资产未来影响 立法 改变会计 课税规则或出口策略未来收购或拆股、合营或联队安排法律程序和其他意外事件的结果(包括官司、政府/监管调查或审核以及环境整治努力)竞争环境 公司产品和服务万博手机app经济、商业和政治条件
以上只是可能影响本新闻稿中前瞻性声明的一些因素关于Lockheed Martin企业风险和不确定性的进一步信息,请参阅SEC归档资料,包括Corporation2007年度报告表10K中“管理对金融条件和结果的讨论分析”、“风险因子”和“法律程序”部分,可在Corporation网站获取://www.sanisfeer.com/.
公司的政策是通过发布新闻稿更新或重新确认金融预测公司一般计划提供前瞻性前景,作为其季度收入释放的一部分,但保留每隔一段时间提供前景或在今后修改实践的权利。所有信息发布日期为2008年4月21日Lockheed Martin没有义务更新前瞻语句以反映后续事件、实际结果或公司期望变化或纠正投资分析师或其他人发布的报告中可能包含的信息
非GAAP性能措施
公司认为报告ROIC为投资者提供更高可见度了解Lockheed Martin如何有效使用投入运营的资本公司使用ROIC评价多年度投资决策并将其作为长期性能衡量标准,同时使用ROIC作为评估管理性能的一个因素,以奖励补偿目的ROIC不是衡量公认会计原则下财务性能的尺度,其他公司可能不以同样方式定义和计算。ROIC不应被视为孤立或替代净收入作为性能指标
公司计算ROIC如下:
净收益加税后利息除以平均投资资本(股本加债务)
(In millions, except percentages) 2008 Outlook Current Update January 2008 Net Earnings Combined Combined Interest Expense (multiplied by 65%) (1) Return >/= $3,185 >/= $3,185 Average debt (2), (5) Average equity (3), (5) Combined Combined Average Benefit Plan Adjustments (4), (5) Average Invested Capital < / = $16,750 < / = $17,200 Return on invested capital >/= 19.0% >/= 18.5% (1) Represents after-tax interest expense utilizing the federal statutory rate of 35%.(2) 债务由长期债务组成,包括当前到期日和短期借款组成(如果有的话)。股本包括非现金调整,主要是未确认福利计划精算损耗和前期服务费用、2006年通过FAS158调整和2007年之前年份附加最低养恤金责任4) 平均福利计划调整反映注3中讨论的股东权益报表中识别项的累积值(5) 年均值使用年初和每个季度末的结存计算manbetx下载手机客户端LOCKHEED MARTIN CORPORATION Consolidated Condensed Statement of Earnings Unaudited (In millions, except per share data and percentages) QUARTER ENDED March 30, 2008(a) March 25, 2007(a) Net sales $9,983 $9,275 Cost of sales 8,914 8,365 1,069 910 Other income and expenses, net 109 75 Operating profit 1,178 985 Interest expense 87 93 Other non-operating income (expense), net (7) 37 Earnings before income taxes 1,084 929 Income tax expense 354 239 Net earnings $730 $690 Effective tax rate 32.7% 25.7% Earnings per common share: Basic $1.80 $1.64 Diluted $1.75 $1.60 Average number of shares outstanding: Basic 406.6 421.4 Diluted 416.8 432.1 Common shares reported in stockholders' equity at quarter end: 399.7 417.3 (a) It is our practice to close our books and records on the Sunday prior to the end of the calendar quarter.临时报表和财务资料表均以公约为基础贴标签。manbetx下载手机客户端A LOCKHEED MARTIN CORPORATION Net Sales, Segment Operating Profit and Margins Unaudited (In millions, except percentages) QUARTER ENDED March 30, 2008 March 25, 2007 % Change Net sales: Aeronautics $2,807 $2,821 (0%) Electronic Systems 2,789 2,515 11% Information Systems & Global Services 2,504 2,145 17% Space Systems 1,883 1,794 5% Total net sales $9,983 $9,275 8% Operating profit: Aeronautics $323 $299 8% Electronic Systems 366 317 15% Information Systems & Global Services 230 198 16% Space Systems 231 185 25% Segment operating profit 1,150 999 15% Unallocated corporate income (expense), net 28 (14) $1,178 $985 20% Margins: Aeronautics 11.5% 10.6% Electronic Systems 13.1 12.6 Information Systems & Global Services 9.2 9.2 Space Systems 12.3 10.3 Total operating segments 11.5 10.8 Total consolidated 11.8% 10.6% B LOCKHEED MARTIN CORPORATION Selected Financial Data Unaudited (In millions, except per share data) QUARTER ENDED March 30, 2008 March 25, 2007 Unallocated corporate income (expense), net FAS/CAS pension adjustment $32 $(14) Unusual items, net 16 46 Stock compensation expense (35) (49) Other, net 15 3 Unallocated corporate income (expense), net $28 $(14) QUARTER ENDED March 30, 2008 March 25, 2007 FAS/CAS pension adjustment FAS 87 expense $(116) $(171) Less: CAS costs (148) (157) FAS/CAS pension adjustment - income / (expense) $32 $(14) QUARTER ENDED MARCH 30, 2008 Operating Earnings profit Net earnings per share Unusual Items - 2008 Partial recognition of the deferred gain from the 2006 sale of LKEI and ILS $16 $10 $0.02 QUARTER ENDED MARCH 25, 2007 Operating Earnings profit Net earnings per share Unusual Items - 2007 Gain on sale of surplus land $25 $16 $0.04 Earnings from reversal of legal reserves 21 14 0.03 Benefit from closure of an IRS audit - 59 0.14 $46 $89 $0.21 C LOCKHEED MARTIN CORPORATION Selected Financial Data Unaudited (In millions) QUARTER ENDED March 30, 2008 March 25, 2007 Depreciation and amortization of plant and equipment Aeronautics $42 $39 Electronic Systems 54 45 Information Systems & Global Services 16 15 Space Systems 36 29 Segments 148 128 Unallocated corporate expense, net 12 13 Total depreciation and amortization $160 $141 QUARTER ENDED March 30, 2008 March 25,2007 Amortization of purchased intangibles Aeronautics $13 $13 Electronic Systems 5 11 Information Systems & Global Services 13 15 Space Systems 2 2 Segments 33 41 Unallocated corporate expense, net 3 3 Total amortization of purchased intangibles $36 $44 D LOCKHEED MARTIN CORPORATION Consolidated Condensed Balance Sheet Unaudited (In millions, except percentages) MARCH 30, DECEMBER 31, 2008 2007 Assets Cash and cash equivalents $2,799 $2,648 Short-term investments 148 333 Receivables 5,413 4,925 Inventories 1,619 1,718 Deferred income taxes 732 756 Other current assets 469 560 Total current assets 11,180 10,940 Property, plant and equipment, net 4,258 4,320 Goodwill 9,399 9,387 Purchased intangibles, net 428 463 Prepaid pension asset 317 313 Deferred income taxes 824 760 Other assets 2,743 2,743 Total assets $29,149 $28,926 Liabilities and Stockholders' Equity Accounts payable $1,906 $2,163 Customer advances and amounts in excess of costs incurred 4,258 4,254 Other accrued expenses 3,606 3,350 Current maturities of long-term debt 104 104 Total current liabilities 9,874 9,871 Long-term debt, net 4,803 4,303 Accrued pension liabilities 1,311 1,192 Other postretirement and other noncurrent liabilities 3,794 3,755 Stockholders' equity 9,367 9,805 Total liabilities and stockholders' equity $29,149 $28,926 Total debt-to-capitalization ratio: 34% 31% E LOCKHEED MARTIN CORPORATION Consolidated Condensed Statement of Cash Flows Unaudited (In millions) QUARTER ENDED March 30, 2008 March 25, 2007 Operating Activities Net earnings $730 $690 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 160 141 Amortization of purchased intangibles 36 44 Changes in operating assets and liabilities: Receivables (483) (281) Inventories 99 285 Accounts payable (257) (131) Customer advances and amounts in excess of costs incurred 4 195 Other 593 539 Net cash provided by operating activities 882 1,482 Investing Activities Expenditures for property, plant and equipment (104) (84) Sale of short-term investments, net 185 85 Acquisitions of businesses / investments in affiliates (11) (95) Other 1 79 Net cash provided by (used for) investing activities 71 (15) Financing Activities Issuances of common stock and related amounts 64 149 Repurchases of common stock (1,185) (733) Common stock dividends (172) - Issuance of long-term debt and related costs 491 - Repayments of long-term debt - (17) Net cash used for financing activities (802) (601) Net increase in cash and cash equivalents 151 866 Cash and cash equivalents at beginning of period 2,648 1,912 Cash and cash equivalents at end of period $2,799 $2,778 F LOCKHEED MARTIN CORPORATION Consolidated Condensed Statement of Stockholders' Equity Unaudited (In millions) Accumulated Additional Other Total Common Paid-In Retained Comprehensive Stockholders' Stock Capital Earnings Loss Equity Balance at January 1, 2008 $409 $- $11,247 $(1,851) $9,805 Net earnings 730 730 Common stock dividends (a) (172) (172) Stock-based awards and ESOP activity 2 174 176 Repurchases of common stock (b) (11) (174) (1,000) (1,185) Other comprehensive income 13 13 Balance at March 30, 2008 $400 $- $10,805 $(1,838) $9,367 (a) Includes dividends ($0.42 per share) declared and paid in the first quarter.(b) 公司在第一季度以12亿美元重购1 130万股公共股票公司截至2008年3月30日股份回购方案剩余2 140万股manbetx下载手机客户端G LOCKHEED MARTIN CORPORATION Operating Data Unaudited (In millions) MARCH 30, DECEMBER 31, 2008 2007 Backlog Aeronautics $25,300 $26,300 Electronic Systems 20,300 21,200 Information Systems & Global Services 12,200 11,800 Space Systems 16,900 17,400 Total $74,700 $76,700 QUARTER ENDED Aircraft Deliveries March 30, 2008 March 25, 2007 F-16 9 9 C-130J 3 2 H
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