Operating income grew 11% to $1.35 billion, while diluted EPS grew 9% to $2.05. Cash from operations was $997m compared to $425m in the same period last year.
The company said aeronautics revenue fell 5% to $2.87 billion, electronic systems revenue increased 2% to $2.93 billion, information systems and global services revenue grew 16% to $3.3 billion, and space systems revenue fell 4% to $2 billion.
For the year, it reported a 6% increase in net income to $3.22 billion, on revenue up 2% at $42.73 billion. Operating income grew 13% to $5.13 billion, while diluted EPS grew 11% to $7.86. During the year, the company repurchased 29 million shares for $2.9 billion.
Bob Stevens, chairman, president, and chief executive at Lockheed Martin, said: Our results for 2008 reflect excellent operational and financial performance across all business areas, despite the difficult economic environment. By holding steady to our strategy of diversifying, differentiating and delivering to enhance shareholder and customer value, our 146,000 dedicated employees demonstrated their unwavering commitment to making Lockheed Martin the world’s premier global security company.
For 2009 it has lowered its earnings forecast as a result of higher pension costs. It said it now expects revenue between $44.7 billion and $45.7 billion and diluted EPS between $7.05 and $7.25.
