Lockheed Martin 4Q Net Income Falls 14 Percent

Lockheed Martin Corp. said Thursday that its fourth-quarter net income fell 14 percent, hurt by restructuring costs and other charges, but it posted a full-year outlook that was in line with what Wall Street analysts expected.

The aerospace and defense company also said that its backlog of orders rose slightly, to $82.6 billion from $82.3 billion, a sign of future earnings.

In the quarter that ended Dec. 31, net income was $488 million, or $1.50 per share. That compares with net income of $569 million, or $1.73 per share, in the same quarter a year ago. The latest quarter included a goodwill impairment charge that trimmed earnings by 54 cents a share.

Revenue fell 5 percent, to $11.53 billion from $12.1 billion a year ago.

Analysts had expected adjusted earnings of $1.99 per share and revenue of $11.34 billion.

For fiscal year 2013, the company reported earnings of $9.13 per share and revenue of $45.36 billion.

For 2014, the company expects earnings between $10.25 per share and $10.55 per share and revenue between $44 billion and $45.5 billion. Analysts expect $10.31 per share and revenue of $44.26 billion.

Shares of Lockheed Martin fell $6.16, or 3.93 percent, to close at $150.49 Thursday, then dropped another 24 cents, to $150.25, in after-hours trading.