Lockheed Martin reports increase in second quarter sales, earning

France's second KC-130J Super Hercules aerial refueler takes off from Lockheed Martin's facility in Marietta, Georgia, upon delivery in 2019.France's second KC-130J Super Hercules aerial refueler takes off from Lockheed Martin's facility in Marietta, Georgia, upon delivery in 2019 (photo provided courtesy of Lockheed Martin)

Lockheed Martin, a major aerospace corporation that is also a major employer in Cobb County, reported increases in second quarter sales and earnings.

According to their news release:

Lockheed Martin Corporation [NYSE: LMT] today reported second quarter 2021 net sales of $17.0 billion, compared to $16.2 billion in the second quarter of 2020. Net earnings in the second quarter of 2021 were $1.8 billion, or $6.52 per share, compared to $1.6 billion, or $5.79 per share, in the second quarter of 2020.

One bit of negative news in their announcement related to their aeronautics division:

Second quarter 2021 net earnings include a loss of $225 million ($169 million, or $0.61 per share, after tax), recorded at Aeronautics, related to performance issues experienced on a classified program.

Also, “Cash from operations in the second quarter of 2021 was $1.3 billion, compared to $2.2 billion in the second quarter of 2020.”

The company’s earnings call will be at 11 a.m. this morning.

You can access the live webcast and the financial charts relevant to the call on the Lockheed Martin Investor Relations website, www.lockheedmartin.com/investor. The video of the call will also be available through Monday, Aug. 9, 2021, also at www.lockheedmartin.com/investor, and a podcast will be available by following this link.

Lockheed Martin and Cobb County

The Lockheed Martin facility in Marietta has been a major employer in Cobb County since 1951, when the Lockheed Corporation, a predecessor of Lockheed Martin, took over the former site of the WWII Bell Bomber plant.

In response to a request by the Courier for a previous article, the spokesperson for the Marietta operations of the company wrote:

The C-130 remains the largest program at the Marietta site. We are currently building the C-130J Super Hercules and I’ve attached our updated Fast Facts for insights on that program. We’ve produced every production model C-130 at the Marietta site, which means Hercs have been rolling out of Marietta for almost 66 years. It’s staple here in Cobb County! You can learn more about the C-130J in our brochure located here.

We also provide support (i.e., sustainment) for the C-5 Galaxy, which wrapped up a major modification providing 52 C-5s with new engines and avionics, in 2018. We celebrated the C-5’s 50th anniversary in 2018 and expect to see that aircraft in service – thanks to its upgrades and unique hauling capabilities – until 2045. See press release for more information. We also support the P-3 Orion through Marietta-based teams. Additionally, we manufacture F-35 center wings here in Marietta.

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