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Lockheed Martin Corp. (LMT)


Common-Size Income Statement

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Lockheed Martin Corp., common-size consolidated income statement

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12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Products 83.71 85.95 85.43 77.78 79.15
Services 16.29 14.05 14.57 22.22 20.85
Net sales 100.00% 100.00% 100.00% 100.00% 100.00%
Products -74.95 -77.87 -77.50 -69.38 -70.10
Services -14.39 -12.55 -12.78 -19.53 -18.41
Goodwill impairment charge 0.00 0.00 0.00 0.00 -0.26
Severance and restructuring charges -0.18 0.00 -0.17 -0.22 0.00
Other unallocated, net 3.05 1.28 1.16 0.41 0.29
Cost of sales -86.47% -89.13% -89.29% -88.73% -88.48%
Gross profit 13.53% 10.87% 10.71% 11.27% 11.52%
Other income, net 0.11 0.73 1.03 0.51 0.74
Operating profit 13.64% 11.60% 11.74% 11.78% 12.26%
Interest expense -1.24 -1.28 -1.40 -0.96 -0.75
Other non-operating income (expense), net -1.54 0.00 0.00 0.07 0.01
Earnings from continuing operations before income taxes 10.86% 10.32% 10.34% 10.89% 11.53%
Income tax expense -1.47 -6.54 -2.40 -3.07 -3.61
Net earnings from continuing operations 9.39% 3.78% 7.94% 7.81% 7.93%
Net earnings from discontinued operations 0.00 0.14 3.28 0.00 0.00
Net earnings 9.39% 3.92% 11.22% 7.81% 7.93%

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-09).

Income statement item Description The company
Operating profit The net result for the period of deducting operating expenses from operating revenues. Lockheed Martin Corp.’s operating profit as a percentage of net sales declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Earnings from continuing operations before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Lockheed Martin Corp.’s earnings from continuing operations before income taxes as a percentage of net sales declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Net earnings The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Lockheed Martin Corp.’s net earnings as a percentage of net sales declined from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.