Lockheed Martin Corporation (NYSE:LMT) stock rose 0.33% (As on Jan 26, 11:31:28 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 21. Net earnings from continuing operations in the fourth quarter of 2021 were $2.0 billion, compared to $1.8 billion in the fourth quarter of 2020. Cash from operations was $4.3 billion in the fourth quarter of 2021, compared to $1.8 billion in the fourth quarter of 2020. Cash from operations in the fourth quarter of 2020 was after $1.0 billion of discretionary pension contributions.

LMT in the fourth quarter of FY 21 has reported the adjusted earnings per share of $7.24, beating the analysts’ estimates for the adjusted earnings per share of $7.23, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 4.1 percent to $17.73 billion in the fourth quarter of FY 21, beating the analysts’ estimates for revenue by 0.4%.

Moreover, Aeronautics’ net sales during the fourth quarter of 2021 increased $413 million, or 6%, compared to the same period in 2020. The increase was primarily attributable to higher net sales of approximately $270 million for the F-35 program due to higher volume on production contracts that was partially offset by lower volume on development contracts; and about $110 million for classified contracts due to higher volume and risk retirements. Missiles and Fire Control (MFC’s) net sales during the fourth quarter of 2021 increased $353 million, or 12%, compared to the same period in 2020. The increase was primarily attributable to higher net sales of approximately $200 million for integrated air and missile defense programs due to higher volume (primarily PAC-3); and about $190 million for tactical and strike missile programs due to higher volume (primarily Hellfire, Long Range Anti-Ship Missile (LRASM) and Joint Air-to-Surface Standoff Missile (JASSM)). These increases were partially offset by a decrease of about $40 million for sensors and global sustainment programs due to lower volume (primarily Special Operations Forces Global Logistics Support Services (SOF GLSS)). RMS’ net sales during the fourth quarter of 2021 increased $248 million, or 6%, compared to the same period in 2020. The increase was primarily attributable to higher net sales of approximately $115 million for various C6ISR (command, control, communications, computers, cyber, combat systems, intelligence, surveillance, and reconnaissance) programs due to higher volume; about $70 million for training and logistics solutions (TLS) programs due to higher volume; and approximately $45 million for integrated warfare systems and sensors (IWSS) programs due to higher volume on Canadian Surface Combatant (CSC) and Aegis programs.