Lockheed Martin Corporation (NYSE: LMT) announced their fourth quarter and full year 2019 financial results, with net sales of $15 billion, compared to $14.4 billion in the fourth quarter of 2018. As for Net earnings, the Aerospace & Defense Company reported $1.5 billion or $5.29 earnings per share, compared to $1.3 billion or $4.39 per share in the fourth quarter of 2018.
For full year 2019, Lockheed recorded net sales of $59.8 billion, compared to $53.8 billion in 2018. Net earnings in 2019 was $6.2 billion, or $21.95 per share, compared to $5.0 billion, or $17.59 per share, in 2018.
"The corporation delivered outstanding performance throughout 2019, achieving exceptional sales growth, strong earnings, cash from operations, and a record backlog," said Lockheed Martin Chairman, President and CEO Marillyn Hewson. "As we look ahead to 2020, we remain focused on providing innovative global solutions for our customers, investing for growth across our portfolio, and generating long-term value for our shareholders."
The F-35 program was a major contributor to net sales in 2019. According to Lockheed, Aeronautics' net sales in 2019 increased $2.5 billion, or 12 percent, compared to 2018. The increase was primarily attributable to higher net sales of approximately $2.0 billion for the F-35 program due to increased volume on production, sustainment and development contracts; and about $350 million for higher volume on classified programs.
In the meantime, Lockheed’s Space's division net sales in 2019 increased $1.1 billion, or 11 percent, compared to 2018. The increase was primarily attributable to higher net sales of approximately $690 million for government satellite programs due to higher volume (primarily Next Gen OPIR, GPS III and government satellite services); and about $355 million for strategic and missile defense programs due to higher volume (primarily new hypersonic development programs).