Lockheed Martin Corp. (LMT, Financial) filed Quarterly Report for the period ended 2010-06-27.
Lockheed Martin Corp. has a market cap of $28.12 billion; its shares were traded at around $75.24 with a P/E ratio of 9.9 and P/S ratio of 0.6. The dividend yield of Lockheed Martin Corp. stocks is 3.4%. Lockheed Martin Corp. had an annual average earning growth of 17% over the past 10 years. GuruFocus rated Lockheed Martin Corp. the business predictability rank of 2.5-star.LMT is in the portfolios of Glenn Greenberg of Brave Warrior Capital, Inc., Chase Coleman of TIGER GLOBAL MANAGEMENT LLC, NWQ Managers of NWQ Investment Management Co, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Robert Olstein of Olstein Financial Alert Fund, John Buckingham of Al Frank Asset Management, Inc., Brian Rogers of T Rowe Price Equity Income Fund, Brian Rogers of T Rowe Price Equity Income Fund, Pioneer Investments, Stanley Druckenmiller of Duquesne Capital Management, LLC, Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, John Rogers of ARIEL CAPITAL MANAGEMENT LLC, George Soros of Soros Fund Management LLC, David Dreman of Dreman Value Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Kenneth Fisher of Fisher Asset Management, LLC, Chris Davis of Davis Selected Advisers.
Cash received from the issuance of our common stock during the first six months of 2010 related to the exercise of stock options and tax benefits associated with stock-based compensation totaled $45 million, compared to $36 million during the same period in 2009. Those activities resulted in the issuance of 0.9 million shares and 0.5 million shares during the respective periods.
At June 27, 2010, we held cash and cash equivalents of $2.7 billion and short-term investments of $877 million. Our long-term debt, which amounted to $5.0 billion as of June 27, 2010, net of unamortized discounts, bears interest at fixed rates and is mainly in the form of publicly issued notes and debentures. Our debt-to-total capital ratio, net of unamortized discounts, was 57% and 55% at June 27, 2010 and December 31, 2009.
As discussed in Note 9 under the caption Long-term Debt, in May 2010, we issued $728 million of new 5.72% Notes due 2040 (the New Notes) in exchange for $611 million of our then outstanding debt securities (the Old Notes). We paid a premium of $158 million, of which $117 million was in the form of New Notes and $41 million was paid in cash, which was recorded as a discount and will be amortized as additional interest expense over the life of the New Notes using the effective interest method. Accordingly, the New Notes are included on our Balance Sheet net of the unamortized discount. The expenses incurred with third parties associated with the exchange were not material.
At June 27, 2010, we had in place a $1.5 billion revolving credit facility with a group of banks which expires in June 2012. There were no borrowings outstanding under the facility at June 27, 2010. We have agreements in place with banking institutions to provide for the issuance of commercial paper. There were no commercial paper borrowings outstanding at June 27, 2010. If we were to issue commercial paper, the borrowings would be supported by the $1.5 billion revolving credit facility. We also have an effective shelf registration statement on Form S-3 on file with the Securities and Exchange Commission to provide for the issuance of an indeterminate amount of debt securities.
Our stockholders equity amounted to $3,734 million at June 27, 2010, a net decrease of $395 million from December 31, 2009. The net decrease primarily was driven by the repurchase of 16.2 million common shares for $1,298 million and dividends declared of $704 million during the six months ended June 27, 2010. These decreases were partially offset by net earnings of $1,372 million and stock-based awards and ESOP activity of $254 million. As we repurchase our common shares, we reduce common stock for the $1 of par value of the shares repurchased, with the remainder of the purchase price over par value recorded as a reduction of additional paid-in capital. Due to the volume of repurchases made under our share repurchase program, additional paid-in capital was reduced to zero, with the remainder of the excess of purchase price over par value of $1,031 million recorded as a reduction of retained earnings.
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Lockheed Martin Corp. has a market cap of $28.12 billion; its shares were traded at around $75.24 with a P/E ratio of 9.9 and P/S ratio of 0.6. The dividend yield of Lockheed Martin Corp. stocks is 3.4%. Lockheed Martin Corp. had an annual average earning growth of 17% over the past 10 years. GuruFocus rated Lockheed Martin Corp. the business predictability rank of 2.5-star.LMT is in the portfolios of Glenn Greenberg of Brave Warrior Capital, Inc., Chase Coleman of TIGER GLOBAL MANAGEMENT LLC, NWQ Managers of NWQ Investment Management Co, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Robert Olstein of Olstein Financial Alert Fund, John Buckingham of Al Frank Asset Management, Inc., Brian Rogers of T Rowe Price Equity Income Fund, Brian Rogers of T Rowe Price Equity Income Fund, Pioneer Investments, Stanley Druckenmiller of Duquesne Capital Management, LLC, Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, John Rogers of ARIEL CAPITAL MANAGEMENT LLC, George Soros of Soros Fund Management LLC, David Dreman of Dreman Value Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Kenneth Fisher of Fisher Asset Management, LLC, Chris Davis of Davis Selected Advisers.
Highlight of Business Operations:
During the first six months of 2010, we declared and paid quarterly dividends totaling $471 million compared to $449 million in the first half of 2009. We paid quarterly dividends of $0.63 per share in 2010 compared to $0.57 per share in 2009. We also declared our third quarter dividend of $233 million ($0.63 per share) in June 2010, which was recorded as a current liability and a reduction of retained earnings. This dividend will be paid in September 2010.Cash received from the issuance of our common stock during the first six months of 2010 related to the exercise of stock options and tax benefits associated with stock-based compensation totaled $45 million, compared to $36 million during the same period in 2009. Those activities resulted in the issuance of 0.9 million shares and 0.5 million shares during the respective periods.
At June 27, 2010, we held cash and cash equivalents of $2.7 billion and short-term investments of $877 million. Our long-term debt, which amounted to $5.0 billion as of June 27, 2010, net of unamortized discounts, bears interest at fixed rates and is mainly in the form of publicly issued notes and debentures. Our debt-to-total capital ratio, net of unamortized discounts, was 57% and 55% at June 27, 2010 and December 31, 2009.
As discussed in Note 9 under the caption Long-term Debt, in May 2010, we issued $728 million of new 5.72% Notes due 2040 (the New Notes) in exchange for $611 million of our then outstanding debt securities (the Old Notes). We paid a premium of $158 million, of which $117 million was in the form of New Notes and $41 million was paid in cash, which was recorded as a discount and will be amortized as additional interest expense over the life of the New Notes using the effective interest method. Accordingly, the New Notes are included on our Balance Sheet net of the unamortized discount. The expenses incurred with third parties associated with the exchange were not material.
At June 27, 2010, we had in place a $1.5 billion revolving credit facility with a group of banks which expires in June 2012. There were no borrowings outstanding under the facility at June 27, 2010. We have agreements in place with banking institutions to provide for the issuance of commercial paper. There were no commercial paper borrowings outstanding at June 27, 2010. If we were to issue commercial paper, the borrowings would be supported by the $1.5 billion revolving credit facility. We also have an effective shelf registration statement on Form S-3 on file with the Securities and Exchange Commission to provide for the issuance of an indeterminate amount of debt securities.
Our stockholders equity amounted to $3,734 million at June 27, 2010, a net decrease of $395 million from December 31, 2009. The net decrease primarily was driven by the repurchase of 16.2 million common shares for $1,298 million and dividends declared of $704 million during the six months ended June 27, 2010. These decreases were partially offset by net earnings of $1,372 million and stock-based awards and ESOP activity of $254 million. As we repurchase our common shares, we reduce common stock for the $1 of par value of the shares repurchased, with the remainder of the purchase price over par value recorded as a reduction of additional paid-in capital. Due to the volume of repurchases made under our share repurchase program, additional paid-in capital was reduced to zero, with the remainder of the excess of purchase price over par value of $1,031 million recorded as a reduction of retained earnings.
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