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Lockheed Martin Corp. (LMT)


Income Statement

Low level of difficulty

The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Lockheed Martin Corp., consolidated income statement

US$ in millions

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12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Products 45,005  43,875  40,365  35,882  36,093 
Services 8,757  7,173  6,883  10,250  9,507 
Net sales 53,762  51,048  47,248  46,132  45,600 
Products (40,293) (39,750) (36,616) (32,006) (31,965)
Services (7,738) (6,405) (6,040) (9,011) (8,393)
Goodwill impairment charge —  —  —  —  (119)
Severance and restructuring charges (96) —  (80) (102) — 
Other unallocated, net 1,639  655  550  187  132 
Cost of sales (46,488) (45,500) (42,186) (40,932) (40,345)
Gross profit 7,274  5,548  5,062  5,200  5,255 
Other income, net 60  373  487  236  337 
Operating profit 7,334  5,921  5,549  5,436  5,592 
Interest expense (668) (651) (663) (443) (340)
Other non-operating income (expense), net (828) (1) —  30 
Earnings from continuing operations before income taxes 5,838  5,269  4,886  5,023  5,258 
Income tax expense (792) (3,340) (1,133) (1,418) (1,644)
Net earnings from continuing operations 5,046  1,929  3,753  3,605  3,614 
Net earnings from discontinued operations —  73  1,549  —  — 
Net earnings 5,046  2,002  5,302  3,605  3,614 

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
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Lockheed Martin Corp.’s net sales increased from 2016 to 2017 and from 2017 to 2018.
Operating profit The net result for the period of deducting operating expenses from operating revenues. Lockheed Martin Corp.’s operating profit increased from 2016 to 2017 and from 2017 to 2018.
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 increased from 2016 to 2017 and from 2017 to 2018.
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 declined from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.