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April 27, 2015 2:14 PM ET

Aerospace and Defense

Company Overview of Lockheed Martin Missiles and Fire Control, Inc.

Company Overview

Lockheed Martin Missiles and Fire Control, Inc. develops, manufactures, and supports combat, missile, rocket, and space systems for military customers including the United States Army, Navy, Air Force, Marine Corps, NASA, and foreign nations. The company also offers products and services for the global civil nuclear power industry. It offers air and missile defense systems; nuclear systems and solutions providing safety-critical nuclear instrumentation and control systems for naval submarines, aircraft carriers, and surface warships; unmanned systems; battlefield visualization; air-to-ground strike weapons; fire control systems providing targeting and navigation systems for rotary- and fixed...

1902 West Freeway

Grand Prairie, TX 75051

United States

Phone:

972-603-1000

Fax:

972-603-1009

Key Executives for Lockheed Martin Missiles and Fire Control, Inc.

President
Executive Vice President
Vice President of Strike Weapons
Vice President of Fire Control
Director of Research and Technology
Compensation as of Fiscal Year 2014.

Lockheed Martin Missiles and Fire Control, Inc. Key Developments

Missiles and Fire Control Reports Earnings Results for the First Quarter Ended March 29, 2015

Missiles and Fire Control reported earnings results for the first quarter ended March 29, 2015. For the quarter, the company reported net sales of $1,503 million compared to $1,867 million. Operating profit was $292 million compared to $358 million a year ago. The decrease in Net Sales were attributable to lower net sales of approximately $160 million for tactical missile programs due to fewer deliveries (primarily Hellfire, Joint Air-to-Surface Standoff Missile and Guided Multiple Launch Rocket System); about $115 million for air and missile defense programs due to decreased deliveries (primarily Patriot Advanced Capability-3); and approximately $85 million for fire control programs due to decreased deliveries. The decrease in operating profit was attributable to lower operating profit of approximately $50 million for tactical missile programs due to fewer deliveries and lower risk retirements (primarily Hellfire); and about $25 million for fire control programs due to lower risk retirements and fewer deliveries.

Lockheed Martin Missiles & Fire Control Secures $485 Million Federal Contract

Lockheed Martin Missiles & Fire Control was awarded a federal contract valued at up to $485 million by the U.S. Air Force Life Cycle Management Center, Robins Air Force Base, Georgia, for multiple Sniper advanced targeting pods including initial spares, 1K forward-looking infrared and two-way data links.

Lockheed Martin Missiles and Fire Control, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014

Lockheed Martin Missiles and Fire Control, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net sales of $2,014 million against $1,723 million a year ago. The increase was primarily attributable to higher net sales of approximately $175 million for air and missile defense programs due to increased deliveries; about $110 million for tactical missile programs due to increased deliveries and approximately $50 million for various other programs due to increased volume. The increases were partially offset by lower net sales of about $50 million for technical services programs due to decreased volume reflecting market pressures. Operating profit was $320 million against $350 million a year ago. The decrease was primarily attributable to lower operating profit of approximately $15 million for technical services programs due to reserves recorded on certain programs and decreased volume; and about $10 million for tactical missile programs due to decreased risk retirements, partially offset by increased deliveries. Operating profit was comparable for air and missile defense programs as increased deliveries for PAC-3 were offset by decreased risk retirements for Terminal High Altitude Area Defense. Adjustments not related to volume, including net profit booking rate adjustments, were approximately $65 million lower for the fourth quarter of 2014 compared to the same period in 2013.   For the year, the company reported net sales of $7,680 million against $7,757 million a year ago. The decrease was primarily attributable to lower net sales of approximately $385 million for technical services programs due to decreased volume reflecting market pressures; and about $115 million for tactical missile programs due to fewer deliveries. The decreases were partially offset by higher net sales of approximately $180 million for air and missile defense programs primarily due to increased volume for THAAD; about $115 million for fire control programs due to increased deliveries; and about $125 million for various other programs due to increased volume. Operating profit was $1,358 million against $1,431 million a year ago. The decrease was primarily attributable to lower operating profit of about $45 million for technical services programs due to decreased volume and reserves recorded on certain programs; about $20 million for tactical missile programs due to net warranty reserve adjustments for various programs and fewer deliveries; and approximately $45 million for various other programs due to lower risk retirements. The decreases were partially offset by higher operating profit of approximately $20 million for air and missile defense programs due to increased volume and about $15 million for fire control programs due to increased deliveries, partially offset by lower risk retirements. Adjustments not related to volume, including net profit booking rate adjustments and other matters, were approximately $100 million lower for 2014 compared to 2013.

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