Lockheed Martin (LMT) FY2011 results: revenue $46.5 billion, up 1.8% on the year
Lockheed Martin Corp. (LMT) reported revenue of $46.5 billion for fiscal 2011, the year ended 31 December 2011, up 1.8% on the year before. Net income was $2.7 billion, down 7.7%, and diluted earnings per share $7.81. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2012.
Revenue
$46.5 billion
+1.8% on the year
FY2007FY2011
Operating margin
8.6%
9.0% a year earlier
FY2007FY2011
Net income
$2.7 billion
-7.7% on the year
FY2007FY2011
Diluted EPS
$7.81
0.0% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
46,499
45,671
43,867
+1.8%
Cost of revenue
42,795
41,827
39,720
+2.3%
Gross profit
3,744
3,844
4,147
-2.6%
Gross margin
8.1%
8.4%
9.5%
Research and development
585
638
717
-8.3%
Operating income
4,020
4,097
4,367
-1.9%
Operating margin
8.6%
9.0%
10.0%
Interest expense
354
345
308
+2.6%
Pre-tax income
3,631
3,778
4,182
-3.9%
Income tax
964
1,164
1,215
-17.2%
Effective tax rate
26.5%
30.8%
29.1%
Net income
2,655
2,878
2,973
-7.7%
Net margin
5.7%
6.3%
6.8%
Diluted EPS
$7.81
$7.81
$7.64
0.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
4,253
3,801
3,487
+11.9%
Capital expenditure
987
1,074
852
-8.1%
Free cash flow
3,266
2,727
2,635
+19.8%
Free cash flow margin
7.0%
6.0%
6.0%
Cash from investing
-788
-573
-1,832
Cash from financing
-2,144
-3,363
-1,432
Depreciation and amortisation
1,008
1,052
1,014
-4.2%
Share-based compensation
157
168
154
-6.5%
Buybacks
2,465
2,420
1,851
+1.9%
Dividends paid
1,095
969
908
+13.0%
Dividend per share
$3.25
$2.64
$2.34
+23.1%
Diluted shares, weighted
340m
368m
389m
-7.7%
Shares outstanding at period end
n/a
346m
n/a
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
1,001
3,497
3,966
-71.4%
Debt
6,500
5,019
5,052
+29.5%
Other liabilities
30,407
26,551
26,093
+14.5%
Total liabilities and equity
37,908
35,067
35,111
+8.1%
Fixed assets
4,611
4,554
4,520
+1.3%
Goodwill
10,148
9,605
9,948
+5.7%
Intangible assets
n/a
n/a
311
Investments
3.0
516
346
-99.4%
Trading assets
781
843
757
-7.4%
Cash and equivalents
3,582
2,261
2,391
+58.4%
Receivables
6,064
5,692
6,061
+6.5%
Inventory
2,481
2,363
2,183
+5.0%
Other assets
10,238
9,233
8,594
+10.9%
Total assets
37,908
35,067
35,111
+8.1%
10-K for the year ended 31 December 2011, filed 23 February 2012: the filing.