Lockheed Martin 2013 Annual Report Download - page 3

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I2013 AnnuAl RepoRt
2013 was a year of dynamic change. As the world’s leading aerospace and global
security company, we embraced that change, continued our record of exceptional
performance, and positioned Lockheed Martin for continued success.
We took proactive steps to strengthen our core and international business, drive
opportunities in adjacent markets, streamline our cost structure to improve affordability,
and deliver innovations that will address our customers’ challenges today and tomorrow.
Performance has always been our hallmark, and 2013 was no exception. With our
customers grappling with increasing budget uncertainty, our goal was to be an anchor
of dependability. We kept our promises, delivered on our commitments and acted with
integrity in everything we did. This continued commitment to performance translated
into higher operating margins, stronger cash ows and a record backlog. In short, we
created value for our stockholders, delivered cutting-edge products for our customers,
and positioned Lockheed Martin for the future.
Dear Fellow StockholDerS
Our Leadership Team: From left to right: Orlando P. Carvalho, Executive Vice President, Aeronautics; Patrick M. Dewar, Executive Vice President,
Lockheed Martin International; Sondra L. Barbour, Executive Vice President, Information Systems & Global Solutions; Richard F. Ambrose, Executive Vice
President, Space Systems; Marillyn A. Hewson, Chairman, President and Chief Executive Ofcer; Bruce L. Tanner, Executive Vice President and Chief
Financial Ofcer; Richard H. Edwards, Executive Vice President, Missiles and Fire Control; Dale P. Bennett, Executive Vice President, Mission Systems
and Training.
This letter includes references to segment operating prot, segment margin and free cash ow, which are non-GAAP nancial measures. For
reconciliations between our non-GAAP measures and the nearest GAAP measures, please refer to the Form 10-K portion of this Annual Report.