Fox Business News’ Lori Rothman has discussed the second-quarter 2014 earnings report of Lockheed Martin Corporation (NYSE:LMT), which posted a 3% increase in its second-quarter net earnings to $889 million, compared to $859 million in the same quarter of 2013. The company’s earnings per share for the second quarter was $2.76, which is above the estimated EPS of $2.66.
Lockheed Martin Corporation (NYSE:LMT) is a global security and aerospace company that is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The company has a market cap of $53.47 billion.
For the second quarter of 2014, the company’s net sales amounted to $11.3 billion, compared to $11.4 billion in the second quarter of 2013. Its second quarter 2014 net earnings included FAS/CAS pension income of $85 million, which increased net earnings by $53 million, or $0.16 per diluted share, compared to FAS/CAS pension expense of $120 million, which reduced net earnings by $74 million, or $0.23 per diluted share, during the second quarter of 2013, according to a press release.
“Based on our solid program execution and operational performance through the first half of the year, we increased our 2014 financial guidance for profit, earnings, and cash flow,” Lockheed Martin Chairman, President and CEO Marillyn Hewson said in the statement. “Our sound strategy, diverse portfolio and focus on affordability are yielding results and delivering value to our customers and shareholders.”
For the full-year 2014, the company expects its diluted earnings per share to be in the range of $10.85 – $11.15, updating its previous estimate of $10.50 – $10.80.
According to our record, the largest shareholders of Lockheed Martin Corporation (NYSE:LMT) include First Eagle Investment Management, led by Jean-Marie Eveillard, and D. E. Shaw, holding 2.73 million shares, and 509,455 shares, respectively.