Lockheed Martin Space Sees Increase in Sales for 3rd Quarter 2018
Lockheed Martin Space Systems saw net sales in the third quarter of 2018 increase $250 million, or 11 percent, compared to the same period in 2017. According to the release, the increase was primarily attributable to higher net sales of approximately $120 million for government satellite programs due to higher volume (primarily Space Based Infrared System (SBIRS) and government satellite services); about $85 million for strategic and missile defense programs due to higher volume (primarily Fleet Ballistic Missiles and AWE Management Limited (AWE)); and about $50 million for the Orion program due to higher volume.
For the company as a whole, Lockheed Martin also saw net sales increase in the third quarter of 2018, in comparison to net sales from the same period last year. The company’s third quarter of 2018 net sales were $14.3 billion, and net sales were $12.3 billion in the third quarter of 2017. Net earnings in the third quarter of 2018 were $1.5 billion, or $5.14 per share, compared to $963 million, or $3.32 per share, in the third quarter of 2017. Cash from operations in the third quarter of 2018 was $361 million after pension contributions of $1.5 billion, compared to cash from operations of $1.8 billion in the third quarter of 2017, with no pension contributions.
The corporation expects its 2019 net sales to increase by approximately 5.0 percent to 6.0 percent as compared to the 2018 outlook. Total business segment operating margin in 2019 is expected to be in the 10.5 percent to 10.8 percent range and cash from operations is expected to be greater than or equal to $7.0 billion.