The Bethesda, Maryland-based company recorded net sales of $16,258m and a consolidated operating profit of $2,182m (diluted earnings per share of $6.56), compared with revenues of $15,651 and profit of $2,122, from the same period in 2020 (diluted earnings per share of $6.08).
The president and CEO, James Taiclet (pictured), spoke of managing the challenges of Covid-19 to safely maintain operations:
“Lockheed Martin continues to deliver vital next generation technologies that will help keep our nation and its allies safe, and advance space exploration, while providing long-term value for the U.S. taxpayers and our shareholders,” said Taiclet.
“Our strong financial results position us to continue advancing 21st Century innovations that will deter the threats of the future, while remaining a trusted partner for customers who depend on our existing platforms and services today. The men and women of Lockheed Martin have managed the challenges of COVID-19 to maintain operations safely. As we look ahead to a new and better normal, our workforce is focused on growth, ready to strengthen our foundation well into the future.”
Lockheed Martin Space
While the net sales for its Space business increased, however, the operating profit for that part declined almost 20%.
Breaking it down by each segment in turn, Aeronautics lead the way – ahead of Missiles and Fire Control and Rotary and Mission Systems – and accounted for $6,387m in sales and an operating profit of $693m (compared with $6,369 and $672, respectively, in Q1 2020).
It’s Space segment recorded $3,015m in net sales with an operating profit of $227m (compared with $2,917m and $281m from an equivalent period one year ago). The sales increase was attributed to higher net sales for the Atomic Weapons Establishment (AWE) programme and Commercial Civil Space programmes (primarily Space Transportation).
Looking ahead to 2021 as a whole, the company anticipates revenues in the range of $67,300m – $68,700m (broadly in line with its January forecast) and earnings per share of between $26.40 and $26.70.
It notes that the 2021 financial outlook reflects the UK Ministry of Defense’s intent to re-nationalise the Atomic Weapons Establishment program on 30 June 2021.
You can read more on the Lockheed Martin website.