BETHESDA, Md.. Lockheed Martin Corporation on April 20 reported first quarter 2021 net sales of $16.3 billion, compared to $15.7 billion in the first quarter of 2020. Net earnings in the first quarter of 2021 were $1.8 billion, or $6.56 per share, compared to $1.7 billion, or $6.08 per share, in the first quarter of 2020. Cash from operations in the first quarter of 2021 was $1.7 billion, compared to $2.3 billion in the first quarter of 2020.
“Lockheed Martin continues to deliver vital next generation technologies that will help keep our nation and its allies safe, and advance space exploration, while providing long-term value for the US taxpayers and our shareholders,” said Lockheed Martin Chairman, President and CEO James Taiclet.
“Our strong financial results position us to continue advancing 21st Century innovations that will deter the threats of the future, while remaining a trusted partner for customers who depend on our existing platforms and services today. The men and women of Lockheed Martin have managed the challenges of COVID-19 to maintain operations safely. As we look ahead to a new and better normal, our workforce is focused on growth, ready to strengthen our foundation well into the future.”
First quarter 2021 net earnings included unrealized gains from investments held in the Lockheed Martin Ventures Fund of $68 million ($51 million, or $0.18 per share, after-tax) and severance and restructuring charges of $36 million ($28 million, or $0.10 per share, after-tax).
As previously announced, the severance and restructuring charges are to close and consolidate certain facilities and reduce total workforce within the Rotary and Mission Systems (RMS) business segment. The actions are being taken to better align RMS’ organization and cost structure to improve the efficiency of its operations and affordability of its products and services.
