24 July 2012
BETHESDA, Md., July 24, 2012 – Lockheed Martin Corporation (NYSE: LMT) today reported second quarter 2012 net sales of $11.9 billion compared to $11.5 billion in 2011. Net earnings from continuing operations for the second quarter of 2012 were $781 million, or $2.38 per diluted share, compared to $748 million, or $2.16 per diluted share, in 2011. Cash from operations during the second quarter of 2012 was $845 million, after pension contributions of $607 million, compared to cash from operations of $894 million during the second quarter of 2011, after pension contributions of $325 million.

Consistent with prior periods, the second quarter of 2012 included a non-cash FAS/CAS pension adjustment of $208 million which reduced net earnings by $128 million, or $0.39 per diluted share, compared to a non-cash FAS/CAS pension adjustment of $230 million which reduced net earnings by $142 million, or $0.41 per diluted share, in 2011. The second quarter of 2011 also included special charges of $97 million related to workforce reductions at the Corporation’s Aeronautics and Space Systems business segments, and a tax benefit of $89 million from the resolution of certain tax matters, when combined, increased net earnings from continuing operations by $26 million, or $0.08 per diluted share.

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