Lockheed Martin 2011 Annual Report Download - page 59

Download and view the complete annual report

Please find page 59 of the 2011 Lockheed Martin annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 110

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110

Lockheed Martin Corporation
Consolidated Statements of Earnings
Year ended December 31,
(In millions, except per share data) 2011 2010 2009
Net Sales
Products $ 36,925 $ 36,380 $ 35,689
Services 9,574 9,291 8,178
Total net sales 46,499 45,671 43,867
Cost of Sales
Products (32,968) (32,539) (31,643)
Services (8,514) (8,382) (7,406)
Severance and other charges (136) (220) —
Other unallocated corporate costs (1,177) (742) (671)
Total cost of sales (42,795) (41,883) (39,720)
Gross profit 3,704 3,788 4,147
Other income, net 276 261 220
Operating Profit 3,980 4,049 4,367
Interest expense (354) (345) (308)
Other non-operating income, net 574 123
Earnings from continuing operations before income taxes 3,631 3,778 4,182
Income tax expense (964) (1,164) (1,215)
Net earnings from continuing operations 2,667 2,614 2,967
Net earnings (loss) from discontinued operations (12) 264 6
Net Earnings $ 2,655 $ 2,878 $ 2,973
Earnings (Loss) Per Common Share
Basic
Continuing operations $ 7.94 $ 7.18 $ 7.71
Discontinued operations (.04) .72 .02
Basic earnings per common share $ 7.90 $ 7.90 $ 7.73
Diluted
Continuing operations $ 7.85 $ 7.10 $ 7.63
Discontinued operations (.04) .71 .01
Diluted earnings per common share $ 7.81 $ 7.81 $ 7.64
See accompanying Notes to Consolidated Financial Statements.
51