Lockheed Martin 2010 Annual Report Download - page 56

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48
Lockheed Martin Corporation
Consolidated Statements of Earnings
Year ended December 31,
(In millions, except per share data)
2010
2009
2008
Net Sales
Products
$ 36,448
$ 35,763
$ 34,091
Services
9,355
8,232
7,281
Total Net Sales
45,803
43,995
41,372
Cost of Sales
Products
(32,655)
(31,756)
(30,220)
Services
(8,350)
(7,376)
(6,517)
Voluntary Executive Separation and Other Charges
(220)
—
—
Other Unallocated Corporate Costs
(742)
(671)
(61)
Total Cost of Sales
(41,967)
(39,803)
(36,798)
Gross Profit
3,836
4,192
4,574
Other Income, Net
261
223
475
Operating Profit
4,097
4,415
5,049
Interest Expense
(345)
(308)
(332)
Other Non-Operating Income (Expense), Net
74
123
(91)
Earnings from Continuing Operations before Income Taxes
3,826
4,230
4,626
Income Tax Expense
(1,181)
(1,231)
(1,459)
Earnings from Continuing Operations
2,645
2,999
3,167
Earnings from Discontinued Operations
281
25
50
Net Earnings
$ 2,926
$ 3,024
$ 3,217
Earnings Per Common Share
Basic
Continuing Operations
$ 7.26
$ 7.79
$ 7.92
Discontinued Operations
.77
.07
.13
Basic Earnings Per Common Share
$ 8.03
$ 7.86
$ 8.05
Diluted
Continuing Operations
$ 7.18
$ 7.71
$ 7.74
Discontinued Operations
.76
.07
.12
Diluted Earnings Per Common Share
$ 7.94
$ 7.78
$ 7.86
See accompanying Notes to Consolidated Financial Statements.