Lockheed Martin announces fourth quarter 2010 results

Global security company Lockheed Martin has reported fourth quarter 2010 net sales of $12.8bn (£8.1bn), up from $12.2bn recorded in the previous year.

Earnings from continuing operations were $829m, or $2.30 per diluted share, compared to $836m, or $2.19 per diluted share, in 2009.

During the fourth quarter of 2010 the company incurred an unusual charge of $42m ($27m after tax, or $0.08 per share) related to a previously announced facilities consolidation within Mission Systems and Sensors, a line of business in Electronic Systems.

The fourth quarter of 2009 also included an unusual tax benefit from the resolution of an IRS examination, which increased earnings from continuing operations by $11m, or $0.03 per share.