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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