Lockheed Martin (LMT) FY2012 results: revenue $47.2 billion, up 1.5% on the year
Lockheed Martin Corp. (LMT) reported revenue of $47.2 billion for fiscal 2012, the year ended 31 December 2012, up 1.5% on the year before. Net income was $2.7 billion, up 3.4%, and diluted earnings per share $8.36. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2013.
Revenue
$47.2 billion
+1.5% on the year
FY2007FY2012
Operating margin
9.4%
8.6% a year earlier
FY2007FY2012
Net income
$2.7 billion
+3.4% on the year
FY2007FY2012
Diluted EPS
$8.36
+7.0% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
47,182
46,499
45,671
+1.5%
Cost of revenue
42,986
42,795
41,827
+0.4%
Gross profit
4,196
3,744
3,844
+12.1%
Gross margin
8.9%
8.1%
8.4%
Research and development
616
585
638
+5.3%
Operating income
4,434
4,020
4,097
+10.3%
Operating margin
9.4%
8.6%
9.0%
Interest expense
383
354
345
+8.2%
Pre-tax income
4,072
3,631
3,778
+12.1%
Income tax
1,327
964
1,164
+37.7%
Effective tax rate
32.6%
26.5%
30.8%
Net income
2,745
2,655
2,878
+3.4%
Net margin
5.8%
5.7%
6.3%
Diluted EPS
$8.36
$7.81
$7.81
+7.0%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,561
4,253
3,801
-63.3%
Capital expenditure
942
987
1,074
-4.6%
Free cash flow
619
3,266
2,727
-81.0%
Free cash flow margin
1.3%
7.0%
6.0%
Cash from investing
-1,177
-788
-573
Cash from financing
-2,068
-2,144
-3,363
Depreciation and amortisation
988
1,008
1,052
-2.0%
Share-based compensation
167
157
168
+6.4%
Buybacks
990
2,465
2,420
-59.8%
Dividends paid
1,352
1,095
969
+23.5%
Dividend per share
$4.15
$3.25
$2.64
+27.7%
Diluted shares, weighted
328m
340m
368m
-3.4%
Shares outstanding at period end
321m
n/a
346m
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
39.0
1,001
3,497
-96.1%
Debt
6,308
6,500
5,019
-3.0%
Other liabilities
32,310
30,407
26,551
+6.3%
Total liabilities and equity
38,657
37,908
35,067
+2.0%
Fixed assets
4,675
4,611
4,554
+1.4%
Goodwill
10,370
10,148
9,605
+2.2%
Investments
n/a
3.0
516
Trading assets
874
781
843
+11.9%
Cash and equivalents
1,898
3,582
2,261
-47.0%
Receivables
6,563
6,064
5,692
+8.2%
Inventory
n/a
2,481
2,363
Other assets
14,277
10,238
9,233
+39.5%
Total assets
38,657
37,908
35,067
+2.0%
10-K for the year ended 31 December 2012, filed 28 February 2013: the filing.