Lockheed Martin (LMT) FY2014 results: revenue $39.9 billion, down 11.9% on the year
Lockheed Martin Corp. (LMT) reported revenue of $39.9 billion for fiscal 2014, the year ended 31 December 2014, down 11.9% on the year before. Net income was $3.6 billion, up 21.2%, and diluted earnings per share $11.21. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2015.
Revenue
$39.9 billion
-11.9% on the year
FY2007FY2014
Operating margin
12.5%
9.9% a year earlier
FY2007FY2014
Net income
$3.6 billion
+21.2% on the year
FY2007FY2014
Diluted EPS
$11.21
+22.8% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
39,946
45,358
47,182
-11.9%
Cost of revenue
35,263
41,171
42,986
-14.3%
Gross profit
4,683
4,187
4,196
+11.8%
Gross margin
11.7%
9.2%
8.9%
Research and development
733
697
616
+5.2%
Operating income
5,012
4,505
4,434
+11.3%
Operating margin
12.5%
9.9%
9.4%
Interest expense
340
350
383
-2.9%
Pre-tax income
4,677
4,155
4,072
+12.6%
Income tax
1,424
1,205
1,327
+18.2%
Effective tax rate
30.4%
29.0%
32.6%
Net income
3,614
2,981
2,745
+21.2%
Net margin
9.0%
6.6%
5.8%
Diluted EPS
$11.21
$9.13
$8.36
+22.8%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
3,866
4,546
1,561
-15.0%
Capital expenditure
845
836
942
+1.1%
Free cash flow
3,021
3,710
619
-18.6%
Free cash flow margin
7.6%
8.2%
1.3%
Cash from investing
-1,723
-1,121
-1,177
Cash from financing
-3,314
-2,706
-2,068
Depreciation and amortisation
927
990
988
-6.4%
Share-based compensation
164
189
167
-13.2%
Buybacks
1,900
1,762
990
+7.8%
Dividends paid
1,760
1,540
1,352
+14.3%
Dividend per share
$5.49
$4.78
$4.15
+14.9%
Diluted shares, weighted
322m
326m
328m
-1.3%
Shares outstanding at period end
314m
319m
321m
-1.6%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,400
4,918
39.0
-30.9%
Debt
6,142
6,152
6,308
-0.2%
Other liabilities
27,531
25,118
32,310
+9.6%
Total liabilities and equity
37,073
36,188
38,657
+2.4%
Fixed assets
4,755
4,706
4,675
+1.0%
Goodwill
7,964
10,348
10,370
-23.0%
Intangible assets
324
n/a
n/a
Trading assets
1,100
1,000
874
+10.0%
Cash and equivalents
1,446
2,617
1,898
-44.7%
Receivables
5,884
5,834
6,563
+0.9%
Other assets
15,600
11,683
14,277
+33.5%
Total assets
37,073
36,188
38,657
+2.4%
10-K for the year ended 31 December 2014, filed 9 February 2015: the filing.