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Throughout its 100-year history, including 54 years of space flight heritage,
Lockheed Martin is a United States (U.S.) publicly traded global security and
Lockheed Martin is a leading global security, defense and aerospace
BETHESDA, Md., April 19, 2022 /PRNewswire/ --Lockheed Martin Corporation [NYSE: LMT] today reported first quarter 2022 net sales of $15.0 billion, compared to $16.3 billion in the first quarter of 2021. Net earnings in the first quarter of 2022 were $1.7 billion, or $6.44per share, compared to $1.8billion, or $6.56per share, in the first quarter of 2021. Cash from operations was $1.4billion in the first quarter of 2022, compared to $1.7billion in the first quarter of 2021. Free cash flow was $1.1billion in the first quarter of 2022, compared to $1.5billion in the first quarter of 2021.
"Lockheed Martin had a solid start to the year by delivering margin expansion and free cash flow above our expectations despite recent Covid-surge impacts on our operations and supply chain. We remain confident in our guidance for the remainder of the year and our growth outlook beyond," said Lockheed Martin Chairman, President and CEO James Taiclet.
"Global events this quarter marked a dramatic change in the geopolitical environment and demonstrated the tremendous importance of an effective deterrent to aggression by major nation-states, and mutual defense among the United States and its allies. The men and women of Lockheed Martin are fully dedicated to enhancing this deterrence capability by effectively delivering on our existing platform programs and systems, while accelerating the integration of digital world technologies to enable true Joint All Domain Operations for our customers."
Summary Financial Results
The following table presents the company's summary financial results.
2022 Financial Outlook
The following table and other sections of this news release contain forward-looking statements, which are based on the company's current expectations. Actual results may differ materially from those projected. It is the company's practice not to incorporate adjustments into its financial outlook for proposed acquisitions, divestitures, ventures, pension risk transfer transactions, financing transactions, changes in law, or new accounting standards until such items have been consummated, enacted or adopted. For additional factors that may impact the company's actual results, refer to the "Forward-Looking Statements" section in this news release.
Cash Flows and Capital Deployment Activities
Cash from operations in the first quarter of 2022 was $1.4 billion. Capital expenditures were $268 million, resulting in free cash flow of $1.1 billion. The decreases in operating and free cash flows from the first quarter of 2021 were primarily due to lower segment operating profit and changes in working capital due to timing.
The company's capital deployment activities in the first quarter of 2022 included the following:
The company operates in four business segments organized based on the nature of products and services offered: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. The following table presents summary operating results of the company's business segments and reconciles these amounts to the company's consolidated financial results.
The company's consolidated net adjustments not related to volume, including net profit booking rate adjustments, represented approximately 24% of total segment operating profit in the first quarter of 2022, as compared to 28% in the first quarter of 2021.
Aeronautics' net sales during the first quarter of 2022 were comparable to the same period in 2021. Net sales increased by approximately $80 million for the F-16 program due to higher volume on production contracts that was partially offset by an unfavorable profit adjustment on a modernization contract. This increase was offset by lower net sales of approximately $65 million for the F-35 program due to lower net favorable profit adjustments and volume on production contracts that were partially offset by an unfavorable profit adjustment on a development contract in the first quarter of 2021 that did not recur in the first quarter of 2022.
Missiles and Fire Control
Rotary and Mission Systems
Space's net sales during the first quarter of 2022 decreased $456million, or 15%, compared to the same period in 2021. The decrease was primarily attributable to lower net sales of approximately $440 million due to the previously announced renationalization of the Atomic Weapons Establishment (AWE) program on June 30, 2021, which was no longer included in the company's financial results beginning in the third quarter of 2021; and about $95 million for commercial civil space programs due to lower volume (Orion and human lander system (HLS) programs). These decreases were partially offset by higher net sales of about $100 million for strategic and missile defense programs due to higher development volume (Next Generation Interceptor (NGI)).
Total equity earnings/(losses) (primarily ULA) represented approximately $30 million, or 12%, of Space's operating profit in the first quarter of 2022, compared to approximately $(5)million, or (2)%, in the first quarter of 2021.
The company's effective income tax rate was 15.9% and 16.9% for the quarters endedMarch27, 2022 and March28, 2021. The rate for the first quarter of 2022 is lower due to increased tax deductions for employee equity awards and foreign derived intangible income compared to the first quarter of 2021.The rates for both periods also benefited from the research and development tax credit and dividends paid to the corporation's defined contribution plans with an employee stock ownership plan feature.
Use of Non-GAAP Financial Measures
This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by U.S. Securities and Exchange Commission (SEC) Regulation G). While management believes that these non-GAAP financial measures may be useful in evaluating the financial performance of the company, this information should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. In addition, the company's definitions for non-GAAP financial measures may differ from similarly titled measures used by other companies or analysts.
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