Lockheed Martin (LMT) FY2013 results: revenue $45.4 billion, down 3.9% on the year
Lockheed Martin Corp. (LMT) reported revenue of $45.4 billion for fiscal 2013, the year ended 31 December 2013, down 3.9% on the year before. Net income was $3.0 billion, up 8.6%, and diluted earnings per share $9.13. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2014.
Revenue
$45.4 billion
-3.9% on the year
FY2007FY2013
Operating margin
9.9%
9.4% a year earlier
FY2007FY2013
Net income
$3.0 billion
+8.6% on the year
FY2007FY2013
Diluted EPS
$9.13
+9.2% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
45,358
47,182
46,499
-3.9%
Cost of revenue
41,171
42,986
42,795
-4.2%
Gross profit
4,187
4,196
3,744
-0.2%
Gross margin
9.2%
8.9%
8.1%
Research and development
697
616
585
+13.1%
Operating income
4,505
4,434
4,020
+1.6%
Operating margin
9.9%
9.4%
8.6%
Interest expense
350
383
354
-8.6%
Pre-tax income
4,155
4,072
3,631
+2.0%
Income tax
1,205
1,327
964
-9.2%
Effective tax rate
29.0%
32.6%
26.5%
Net income
2,981
2,745
2,655
+8.6%
Net margin
6.6%
5.8%
5.7%
Diluted EPS
$9.13
$8.36
$7.81
+9.2%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
4,546
1,561
4,253
+191.2%
Capital expenditure
836
942
987
-11.3%
Free cash flow
3,710
619
3,266
+499.4%
Free cash flow margin
8.2%
1.3%
7.0%
Cash from investing
-1,121
-1,177
-788
Cash from financing
-2,706
-2,068
-2,144
Depreciation and amortisation
990
988
1,008
+0.2%
Share-based compensation
189
167
157
+13.2%
Buybacks
1,762
990
2,465
+78.0%
Dividends paid
1,540
1,352
1,095
+13.9%
Dividend per share
$4.78
$4.15
$3.25
+15.2%
Diluted shares, weighted
326m
328m
340m
-0.6%
Shares outstanding at period end
319m
321m
n/a
-0.6%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,918
39.0
1,001
+12,510.3%
Debt
6,152
6,308
6,500
-2.5%
Other liabilities
25,118
32,310
30,407
-22.3%
Total liabilities and equity
36,188
38,657
37,908
-6.4%
Fixed assets
4,706
4,675
4,611
+0.7%
Goodwill
10,348
10,370
10,148
-0.2%
Investments
n/a
n/a
3.0
Trading assets
1,000
874
781
+14.4%
Cash and equivalents
2,617
1,898
3,582
+37.9%
Receivables
5,834
6,563
6,064
-11.1%
Inventory
n/a
n/a
2,481
Other assets
11,683
14,277
10,238
-18.2%
Total assets
36,188
38,657
37,908
-6.4%
10-K for the year ended 31 December 2013, filed 14 February 2014: the filing.