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2012-Annual-report.pdf

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2012 FINANCIAL HIGHLIGHTS (In millions, except per share data) 2012 2011 2010 Net Sales $47,182 $46,499 $45,671 Segment Operating Profit 5,583 5,281 5,028 Consolidated Operating Profit 4,434 4,020 4,105 Net Earn
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   2012 FINANCIAL HIGHLIGHTS (In millions, except per share data)  2012  2011 2010Net Sales  $47,182  $46,499 $45,671Segment Operating Profit  5,583  5,281 5,028Consolidated Operating Profit  4,434  4,020 4,105Net Earnings  2,745  2,655 2,878Diluted Earnings Per Common Share  8.36  7.81 7.81Cash Dividends Per Common Share  4.15  3.25 2.64Average Diluted Common Shares Outstanding  328  340 368Cash, Cash Equivalents and Short-Term Investments  $ 1,898  $ 3,582 $ 2,777Total Assets  38,657  37,908 35,113Total Debt  6,308  6,460 5,019Stockholders’ Equity  39  1,001 3,497Common Shares Outstanding at Year-End  321  321 346Net Cash Provided by Operating Activities  $ 1,561  $ 4,253 $ 3,801 NOTE: For additional information regarding the amounts presented above, including the reconciliation of Segment OperatingProfit to Consolidated Operating Profit, refer to Item 7. Management’s Discussion and Analysis of Financial Condition andResults of Operations, and Item 8. Financial Statements and Supplementary Data in this Annual Report. On the Cover:  F-35 Lightning II: The World’s Most Advanced Multirole FighterAs the sun rises over Rogers Dry Lake Bed of the Mojave Desert, the F-35A Lightning II fleet stands poised to executeanother intensive day of flight testing. The six Conventional Takeoff and Landing (CTOL) variants are assigned to theIntegrated Test Force at the Air Force Flight Test Center, Edwards Air Force Base, California.  2012 A  NNUAL  R  EPORT  I  Our 100th year was one of our best ever, and stands as a testament to the strength of our performance, the breadth of our portfolio, and the innovative spirit of our people. We achieved record performance – setting all-time highs for sales, segment operating                 applying a strategy that has served this company well for a century: delivering on our commitments, anticipating customer needs, and adapting to change.                            this company strong for decades to come.                                   built to lead. D EAR   F ELLOW  S TOCKHOLDERS Our Leadership Team: From left to right:  Joanne M. Maguire, Executive Vice President, Space Systems (stepping down April 1 and retiring May 1); Richard F. Ambrose, Executive Vice President, Space Systems (effective April 1); Richard H. Edwards, Executive Vice President, Missiles and Fire Control;                                        Vice President, Information Systems & Global Solutions (effective April 1); Linda R. Gooden, Executive Vice President, Information Systems & Global Solutions (stepping down April 1 and retiring May 1).                                         L OCKHEED  M ARTIN C ORPORATION  II  Delivering On Our Commitments      In 2012,                     Record sales of $47.2 billion, up from $46.5 billion in 2011;          from $5.3 billion in 2011;  Record diluted earnings per share from continuing operations of $8.36, up from $7.85 in 2011;           billion in 2011;           running; and  Cash from operations of $1.6 billion, after pension contributions of $3.6 billion.We grew top-line sales, improved bottom line          We also lowered the cost of our products and services to our customers by $1 billion last year as a result of         business is healthy and generating outstanding returns          As our business         delivering on our commitment to you for strategic, disciplined cash deployment:        We paid cash dividends of $1.4 billion during 2012 and increased our quarterly dividend by 15 percent in the fourth quarter. We also repurchased 11.3 million shares for $1.0 billion during the year. We remain committed to returning at least 50 percent         and share repurchases.        We made capital expenditures of $942 million, bolstering property,  plant and equipment and improving our technology and production infrastructure.     We made contributions to the  pension trust of $3.6 billion during the year, a strategic investment that is expected to reduce our future contributions for several years.          performance begins with exceptional operational         “Mission Success” events, representing our toughest, most complex, and most critical performance        report that we delivered on 100 percent of those commitments.          dedication, drive and focus of our employees, who understand the importance of delivering for our               In addition to successfully concluding our CEO transition, we        Ambrose will succeed Joanne Maguire as Space Systems Executive Vice President, and Sondra Barbour will succeed Linda Gooden as Information Systems & Global Solutions Executive Vice President.        experienced business leaders who will help us remain focused on delivering results for our customers and        leaders who have led their teams with vision, expertise and unwavering commitment to performing with excellence. The success of these transitions is a testament to our robust succession plan and the strong support of our board of directors for our talent development programs.Among our operational highlights for the year:             see a line of six F-35A test aircraft on the tarmac at          through their paces daily in a broad array of test          F-35, our largest and most complex program.  We delivered 30 aircraft in 2012, more than double the number we delivered in 2011.                 Vertical Landing (STOVL) variant at Yuma, Arizona.                      The Air Force declared Ready for Training at Eglin          training at the base.
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