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Business/Financial

Lockheed Martin’s Income Falls On Charges

By Cal Biesecker

Thursday, January 23rd, 2014

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Lockheed Martin’s Income Falls On Charges

Lockheed Martin Chairman, President and CEO Marillyn Hewson

Lockheed Martin [LMT] on Thursday reported lower profits and sales in its first quarter driven by declines in defense spending and special charges. Net income tumbled 14 percent to $488 million, $1.50 earnings per share (EPS), from $569 million ($1.73 EPS). The lower earnings were driven by a $176 million (54 cents EPS) goodwill impairment charge and a $111 million (34 cents EPS) severance charge. The one-time non-cash goodwill charge was due to lower defense spending and competitive pressures affecting…

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