Lockheed Martin shares gain on higher EPS
23 Jul 2014
Shares of Lockheed Martin Corp ruled higher by 2.16 per cent at $166.50 after the company reported a 5-per cent increase in earnings per diluted share at $2.76 for the 2014 second quarter, as against $2.64 for the year-ago period.
Profits rose 3.5 per cent this quarter due to lower pension liability from higher interest rates, Reuters reported.
The company as a result, posted a pension income of $85 million for the 2014 second quarter, from an expense of $120 million for last year.
The global security and aerospace supplier reported a rise of 3 per cent in net earnings to $889 million for the most recent quarter, from $859 million for the 2013 second quarter.
Lockheed's net sales fell by 1 per cent to $11.3 billion for the quarter ended 29 June, as against to $11.4 billion from the same quarter last year.
Meanwhile, the company said in a press release, "As part of an SGT, Inc-led team, Lockheed Martin will provide mission and flight crew operations support to NASA for the International Space Station (ISS) and future human space exploration.
"These support services within the Integrated Mission Operations Contract II (IMOC II) are critical to the safe operation of all NASA human spaceflight missions."
Under IMOC II, Lockheed Martin will provide expertise to support mission planning and preparation, crew and flight controller training and real-time mission execution at NASA's Johnson Space Center in Houston. Lockheed Martin will also provide ground-based human spaceflight services for the Orion Multi-Purpose Crew Vehicle, for which Lockheed Martin is the prime contractor, and new commercial cargo vehicles.
"We are thrilled to be a part of this contract, as it allows us the opportunity to support future exploration and human spaceflight missions," said Rick Hieb, vice president of exploration & mission support in Lockheed Martin's information systems & global solutions business. "Together with SGT, we can apply resources and experience to ensure we are advancing NASA's mission through IMOC II."
SGT, Inc is privately held and headquartered in Greenbelt, Maryland. SGT, Inc provides aerospace engineering, earth and planetary science modeling and analysis, information systems, project management, operational support and technical services to NASA, DOT, NOAA, USGS, DOD, and various other government and commercial organizations.
In addition to this new NASA support contract, Lockheed Martin manages, stores and maintains more than 3 million items for the ISS crew and keeps the station supplied with critical items to sustain the crew and continue important scientific research. Lockheed Martin also supports Johnson Space Center by providing a broad range of engineering, science and technical services.
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 113,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's net sales for 2013 were $45.4 billion.
