Lockheed Martin Corp.(LMT) reported that its first quarter of 2013 net earnings increased to $761 million, or $2.33 per share, from $668 million, or $2.03 per share in the first quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $2.04 per share for the quarter. Analysts' estimates typically exclude special items.
First quarter 2013 net earnings included a non-cash FAS/CAS pension adjustment of $121 million, which reduced net earnings by $75 million, or $0.23 per diluted share and a special charge of $30 million related to workforce reductions at the Corporation's Information Systems & Global Solutions business segment, which reduced net earnings by $19 million, or $0.06 per share.
These items were partially offset by a reduction of income tax expense related to the retroactive reinstatement of the U.S. research and development tax credit, which increased first quarter 2013 net earnings by $46 million, or $0.14 per share.
First quarter 2012 net earnings included a non-cash FAS/CAS pension adjustment of $207 million, which reduced net earnings by $128 million, or $0.39 per diluted share.
Quarterly net sales were $11.1 billion compared to $11.3 billion in the year ago quarter. Seventeen analysts had consensus revenue estimate of $10.31billion for the quarter.
The company reaffirmed its fiscal 2013 earnings per share guidance in a range of $8.80 - $9.10 per share. The company now expects fiscal 2013 net sales to be low-end of the prior estimate range of $44.50 billion - $46.00 billion. Analysts expect the company to report earnings of $8.92 per share on revenues of $45.12 billion for fiscal 2013.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.