Lockheed Martin Made How Much Money Last Year? And They Still Need to Shake Down Maryland Taxpayers?
Thanks for Stephen Miles of Win Without War for this legwork. To put this amount of money in context, Lockheed Martin’s sales last year were more than double the gross domestic product for the country of Afghanistan. And Lockheed needs $1.4 million in corporate welfare from me and other Maryland taxpayers (whose federal tax dollars already fund Lockheed’s war profiteering)? Seems they need to look up “chutzpah” in the dictionary.
From LM’s 2012 Annual Report and 2013 Proxy Statement. A few fun facts to keep in mind.
– 2012 was another banner year for LM with a record sales of $47.2
– Former LM CEO Robert Stevens actually did see a dip in his pay last
year, bringing in a meager $16.5 million in total compensation. Rest easy
though as LM’s Proxy Statement indicates he’s in for a golden parachute of
$36.6 million. He’ll also continue to earn a healthy salary in his new role
as Executive Chairman of LM’s Board of Directors.
– In 2012, LM increased its dividend by 15%, representing the 10th
consecutive annual double-digit percentage increase in dividends
– LM ended 2012 with a total backlog of $82.3 billion (another record,
up from $80.7 b in 2011), $35.0 or 43% of this is expected to be converted
to sales in 2013. The majority of this backlog is already funded ($54.8 b).
The backlog only includes firm orders and does not include existing
unexercised options or potential indefinite delivery, indefinite quantity
– As in 2011, LM earned 82% of its sales directly from the US government
(61% from DoD), 17% from international sales (roughly half of which were
Foreign Military Sales contracted with the US government and half were
Direct Commercial Sales) and 1% from everything else. Bonus points to
anyone who can figure out how much of that 17% in international sales is
derived from foreign military assistance funding (ie money the US gives
other countries to buy weapons from us).