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Lockheed Martin reports strong fourth quarter earnings

By   /   Tuesday, January 24th, 2017  /   Comments Off on Lockheed Martin reports strong fourth quarter earnings

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Defense and technology giant Lockheed Martin, which has operations in Goleta, reported earnings of $3.25 per share for the fourth quarter of 2016, bringing it up to $12.38 per share for the year.

Sales grew from $11.8 billion in the final quarter of 2015 to $13.8 billion, the company reported Jan. 24, with net earnings of $988 million, up $55 million. Earnings for the year came to $5.3 billion, a 47 percent jump over 2015.

Lockheed had cash and cash equivalents of $1.8 billion as of Dec. 31, the statement said, and $46.2 million in total liabilities.

It repurchased 3.2 million of its shares for $816 million during the quarter and made capital expenditures of $436 million. For 2017, the company expects operating profits of around $5 billion-$5.14 billion with earnings per share in the $12.25-$12.55 range.

• Contact Marissa Nall at [email protected]

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