Lockheed Martin 2003 Annual Report Download - page 44

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42
Year ended December 31,
(In millions, except per share data) 2003 2002 2001
NET SALES $ 31,824 $26,578 $23,990
Cost of sales 29,848 24,629 22,447
Earnings from operations 1,976 1,949 1,543
Other income and expenses, net 43 (791) (710)
2,019 1,158 833
Interest expense 487 581 700
Earnings from continuing operations before taxes 1,532 577 133
Income tax expense 479 44 90
Earnings from continuing operations 1,053 533 43
Discontinued operations —(33) (1,089)
NET EARNINGS (LOSS) $ 1,053 $500 $ (1,046)
EARNINGS (LOSS) PER COMMON SHARE:
Basic:
Continuing operations $ 2.36 $ 1.20 $ 0.10
Discontinued operations —(0.07) (2.55)
$ 2.36 $1.13 $ (2.45)
Diluted:
Continuing operations $ 2.34 $ 1.18 $ 0.10
Discontinued operations —(0.07) (2.52)
$ 2.34 $1.11 $ (2.42)
See accompanying Notes to Consolidated Financial Statements.
Lockheed Martin Corporation
CONSOLIDATED STATEMENT OF OPERATIONS