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MARTIN MARIETTA POSTS INCREASED SALES, EARNINGS PER SHARE FOR THIRD QUARTER

 MARTIN MARIETTA POSTS INCREASED SALES,
 EARNINGS PER SHARE FOR THIRD QUARTER
 BETHESDA, Md., Oct. 21 /PRNewswire/ -- Martin r?ietta Corporation (NYSE: ML) today reported third-quarter earnings of $96.1 million, or $2.04 per share, on sales of $1.5 billion. These results compare with third-quarter 1991 earnings of $100.1 million, or $2 per share, on sales of $1.4 billion.
 Sales, earnings and earnings per share were up slightly for the first nine months of 1992, with sales of $4.5 billion and earnings of $269.7 million, or $5.60 per share, compared with sales of $4.4 billion and earnings of $269.1 million, or $5.41 per share, for the comparable period in 1991.
 Earnings per share benefited from the corporation's continuing share repurchase program, as average shares outstanding for the quarter were 2.7 million shares fewer than third quarter 1991.
 "This quarter saw several key events occur in our civil and commercial markets," said Norman R. Augustine, chairman and chief executive officer of the corporation. "Among the most important was the successful launch of the Mars Observer spacecraft aboard a Martin Marietta Titan III commercial space launch vehicle. In addition, the corporation, under contract to Orbital Sciences Corporation, built the Transfer Orbit Stage that boosted the spacecraft on its journey to Mars, and a scientific instrument on the spacecraft that will help determine the planet's elemental composition.
 "During the quarter, the corporation also received over $450 million in new civil and commercial business, including a contract award from the U.S. Environmental Protection Agency for information system management with a potential value of $302 million, and a $155-million award from General Electric Aircraft Engines for continued production of jet engine thrust reversers," Augustine noted.
 Sales for the corporation's Electronics, Information & Missiles Group declined about 10 percent in the quarter, relative to the previous year, reflecting reduced activities on the LANTIRN navigation and fire control program for the U.S. Air Force. International orders for LANTIRN deliveries continued to be received, with additional units for Israel booked during the quarter.
 In addition, the group received notification of a $50 million U.S. Air Force contract award for initial development of a new-generation infrared sensor system with potential application to the F-22 Advanced Tactical Fighter. Operating earnings for the group were down in the quarter, reflecting lower LANTIRN sales, and investments on the ATARS tactical reconnaissance program and postal activities. This was partially offset by recoveries under the terminated ADATS air defense program. The contract under which the ATARS program, acquired from Control Data Corporation in late 1990, is performed was restructured during the quarter.
 Astronautics Group sales and earnings were up strongly from third quarter 1991, with sales favorably impacted by revenues from the Mars Observer launch. The Mars Observer mission marked the initial use of a new launch facility built under a U.S. Air Force contract for future Titan IV launches. The Titan IV program continued to be the major contributor to Astronautics sales and earnings. In addition, Manned Space Systems recorded over $20 million in award fees on the ongoing External Tank program, its ninth consecutive award fee over 90 percent.
 Materials Group sales increased 8 percent during the quarter, but earnings declined slightly, primarily due to one-time maintenance expenses in the Magnesia Specialties company. The corporation's Aggregates company reported increases in sales and earnings over 1991, for both the quarter and the nine months.
 Backlog declined to $8.6 billion at Sept. 30, 1992, compared with $11.8 billion the previous year, reflecting continued execution of long-term procurement contracts for Titan IV and the External Tank. The reported backlog does not include $1.4 billion in unexercised program options or the approximately $9.5 billion in equivalent sales resulting from the corporation's activities under Department of Energy management contracts.
 Total Martin Marietta employment at the end of the third quarter was just under 57,000.
 MARTIN MARIETTA CORPORATION
 Statement of Earnings
 (in millions, except per share)
 Quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Net Sales $1,548.8 $1,436.8 $4,504.7 $ 4,405.0
 Cost of Sales,
 Other Costs,
 and Expenses 1,401.7 1,286.6 4,079.4 4,006.6
 Earnings from
 Operations 147.1 150.2 425.3 398.4
 Other Income
 and Expenses,
 net 9.9 2.7 20.4 13.5
 Total 157.0 152.9 445.7 411.9
 Interest Expense
 on Debt 14.3 15.4 45.0 42.3
 Earnings before
 Taxes on Income 142.7 137.5 400.7 369.6
 Taxes on Income 46.6 37.4 131.0 100.5
 Net Earnings $96.1 $100.1 $269.7 $269.1
 Earnings Per Share $2.04 $2.00 $5.60(A) $5.41
 Average Number of
 Common Shares
 Outstanding 47,232,188 49,914,026 48,173,349 49,704,813
 (A) The sum of per share earnings by quarter does not equal earnings per share for the nine months due to the effect of share repurchases.
 MARTIN MARIETTA CORPORATION
 Condensed Balance Sheet
 (in millions)
 Sept. 30, Dec. 31,
 1992 1991
 Cash and cash equivalents $157.6 $170.6
 Other current assets 1,329.2 1,445.9
 Current liabilities(A) (782.6) (948.0)
 Net Working Capital 704.2 668.5
 Property, plant, and equipment, net 1,284.1 1,315.5
 Investments, other assets, intangibles 920.6 964.9
 Noncurrent deferred income taxes (261.0) (247.5)
 Other noncurrent liabilities (280.1) (301.6)
 Total $2,367.8 $2,399.8
 Long-term debt
 (excluding current maturities)(A) $474.9 $595.9
 Shareowner's equity 1,892.9 1,803.9
 Total Capitalization $2,367.8 $2,399.8
 Firm Backlog was $8.6 billion at Sept. 30, 1992, compared with $11.8 billion at Sept. 30, 1991.
 (A) Long-term debt at Dec. 31, 1991, included $125 million of 9.25 percent Notes and $8.2 million of Industrial Development Revenue Bonds. These debt issues are expected to be redeemed by the corporation during the fourth quarter of 1992, and have been classified as current maturities at Sept. 30, 1992.
 -0- 10/21/92 R
 /CONTACT: Charles P. Manor of Martin Marietta, 301-897-6258/
 (ML) CO: Martin Marietta Corporation ST: Maryland IN: ARO SU: ERN


TW -- DC019 -- 3069 10/21/92 16:03 EDT
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Date:Oct 21, 1992
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