Lockheed Martin Space Systems Reports Fourth Quarter Decrease in Sales, Profit
[Satellite Today 01-23-09] In its fourth quarter 2008 financial report, Lockheed Martin said its space systems net sales dropped to $2 billion in the quarter, a four percent decrease from the same period last year, which saw $2.1 billion in sales, the company announced Jan. 22.
The company attributed the drop to a sales decline in the commercial satellite sector and lower volume in both commercial and government satellite activities. The company saw no satellite deliveries during the fourth quarter, compared to one delivery in the fourth quarter of 2007.
Operating profit for Lockheed Martin’s satellite division also decreased by 11 percent for the quarter but was offset by increases in space transportation. In satellites, the company said operating profit declined in the quarter due to performance on certain government satellite programs.
Despite the news from the company’s space systems division, Lockheed Martin Corp. reported overall fourth quarter growth. Company revenue is at $823 million, compared to $799 million in 2007. Net sales were $11.1 billion, compared to $10.8 billion in 2007. Cash from operations is at $997 million, compared to $425 million in 2007.
Lockheed Martin’s total 2008 net earnings were at $3.2 billion, or $7.86 per share, compared to $3.0 billion, or $7.10 per share, in 2007.