Lockheed Martin Corp. announced Tuesday net sales of $11.7 billion and net earnings of $794 million for the first quarter of 2016. Net sales increased from $10.1 billion in the same quarter of last year, while net earnings dropped from the $878 million in that same time period. Overall, Lockheed’s first-quarter financials “exceeded all of our internal plans,” President and CEO Marillyn Hewson said during an earnings call.
Sandia Corp., a wholly owned subsidiary of Lockheed Martin, is the managing and operating contractor for the Sandia National Laboratories. In 2012, Lockheed announced a reorganization that transferred Sandia Corp. from what was formerly its Electronic Systems business segment to its Space Systems division, one of the company’s five segments. Lockheed reported $2.1 billion in net sales for Space Systems in the first quarter, down from $2.2 billion in the same quarter last year. It also reported $244 million in operating profit for the division, down from $324 million in the same time period last year. This totals a 4 percent decrease in net sales and a 25 percent decrease in operating profit for the division since last year. The company attributed the decreases to lower net sales and operating profits for government satellite programs. Officials leading the earnings call did not specifically discuss the Sandia.
Sandia Corp.’s current contract with the National Nuclear Security Administration expires at the end of April 2017, and the agency is now conducting an open competition for a follow-on contract to manage and operate the facility.
