Lockheed Martin 2013 Annual Report Download - page 64

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Lockheed Martin Corporation
Consolidated Statements of Earnings
(in millions, except per share data)
Years Ended December 31,
2013 2012 2011
Net sales
Products $ 35,691 $ 37,817 $ 36,925
Services 9,667 9,365 9,574
Total net sales 45,358 47,182 46,499
Cost of sales
Products (31,346) (33,495) (32,968)
Services (8,588) (8,383) (8,514)
Goodwill impairment charge (195) ——
Severance charges (201) (48) (136)
Other unallocated costs (841) (1,060) (1,137)
Total cost of sales (41,171) (42,986) (42,755)
Gross profit 4,187 4,196 3,744
Other income, net 318 238 276
Operating profit 4,505 4,434 4,020
Interest expense (350) (383) (354)
Other non-operating income (expense), net —21 (35)
Earnings from continuing operations before income taxes 4,155 4,072 3,631
Income tax expense (1,205) (1,327) (964)
Net earnings from continuing operations 2,950 2,745 2,667
Net earnings (loss) from discontinued operations 31 — (12)
Net earnings $ 2,981 $ 2,745 $ 2,655
Earnings (loss) per common share
Basic
Continuing operations $ 9.19 $ 8.48 $ 7.94
Discontinued operations .10 — (.04)
Basic earnings per common share $ 9.29 $ 8.48 $ 7.90
Diluted
Continuing operations $ 9.04 $ 8.36 $ 7.85
Discontinued operations .09 — (.04)
Diluted earnings per common share $ 9.13 $ 8.36 $ 7.81
The accompanying notes are an integral part of these consolidated financial statements.
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