January 24, 2017 / 12:40 PM / 3 years ago

BRIEF-Lockheed Martin reports fourth quarter and full year 2016 results

Jan 24 (Reuters) - Lockheed Martin Corp

* Lockheed Martin reports fourth quarter and full year 2016 results

* Q4 earnings per share $3.25 from continuing operations

* Q4 sales $13.8 billion versus I/B/E/S view $13.03 billion

* Q4 earnings per share view $3.05 — Thomson Reuters I/B/E/S

* Lockheed Martin Corp sees 2017 diluted earnings per share $12.25 - $12.55

* Lockheed Martin Corp says outlook for 2017 FAS/CAS pension benefit is expected to be approximately $880 million

* Sees FY 2017 net sales $49,400 million - $50,600 million

* fy2017 earnings per share view $12.87, revenue view $49.59 billion — Thomson Reuters I/B/E/S

* Lockheed Martin Corp says no planned contributions to our legacy qualified defined benefit pension plans in 2017

* Reports backlog of $96.2 billion at end of 2016

* Lockheed Martin Corp says corporation is completing its assessment of effectiveness of its internal control over financial reporting as of Dec. 31, 2016

* Lockheed Martin Corp says expects to report a material weakness in internal control over financial reporting at its Sikorsky Aircraft Corporation business

* Lockheed Martin Corp says expects to report a material weakness Sikorsky in its annual report on form 10-K for year ended Dec. 31, 2016

* Lockheed says as of Tuesday, there have been no material errors in financial results or balances identified as a result of control deficiencies at Sikorsky

* Lockheed Martin says determined that Sikorsky’s internal control over financial reporting was ineffective as of Dec. 31, 2016

* Lockheed says has been no restatement of prior period financial statements, no change in previous financial results required due to control deficiencies

* Lockheed Martin says material weakness to not be considered remediated till applicable remedial controls operate for sufficient time, management concludes controls operating effectively

* Lockheed Martin says Sikorsky did not adequately identify, design and implement appropriate process-level controls for its processes

* Corporation expects that remediation of this material weakness will be completed prior to end of fiscal year 2017

* Lockheed Martin Corp says aeronautics’ net sales in Q4 of 2016 increased $1.0 billion, or 23 percent, compared to same period in 2015

* Lockheed says qtrly aeronautics’ net sales increase attributable to higher net sales of about $640 million for F-35 program

* Lockheed Martin says as a result of a decision in Q4 of 2015 to divest LMCFT in 2016, recorded an asset impairment charge of about $90 million Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below