Lockheed Martin 2015 Annual Report Download - page 114
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Note 17 – Summary of Quarterly Information (Unaudited)
A summary of quarterly information is as follows (in millions, except per share data):
2015 Quarters
First Second Third Fourth (a)
Net sales $10,111 $11,643 $11,461 $12,917
Operating profit 1,356 1,445 1,354 1,281
Net earnings (b) 878 929 865 933
Basic earnings per share (c) 2.78 2.98 2.80 3.05
Diluted earnings per share 2.74 2.94 2.77 3.01
2014 Quarters
First Second Third Fourth
Net sales $10,650 $11,306 $11,114 $12,530
Operating profit 1,432 1,426 1,392 1,342
Net earnings (d) 933 889 888 904
Basic earnings per share 2.92 2.81 2.81 2.87
Diluted earnings per share 2.87 2.76 2.76 2.82
(a) The fourth quarter of 2015 incorporates the results of Sikorsky from the November 6, 2015 acquisition date through December 31,
2015, including approximately $400 million in net sales and about $45 million in operating loss, inclusive of intangible amortization
and adjustments required to account for the acquisition.
(b) The fourth quarter of 2015 includes a charge for workforce reductions of approximately $67 million ($44 million after tax) and a tax
benefit of about $71 million due to the retroactive reinstatement of the R&D tax credit in 2015.
(c) The sum of the quarterly earnings per share amounts do not equal the earnings per share amounts included on our Statements of
Earnings, primarily due to the timing of our share repurchases during each respective year.
(d) The fourth quarter of 2014 includes a charge of approximately $119 million ($107 million after tax) related to a non-cash goodwill
impairment charge and a tax benefit of about $45 million due to the retroactive reinstatement of the R&D tax credit in 2014.
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