Lockheed Martin headquarters in Bethesda, Md. Photo: Lockheed Martin

Lockheed Martin’s Space segment continues a streak of increased sales, as the company reported $401 million in net Space sales in Fourth Quarter (Q4) of 2020 — a 14% increase over Q4 2019. 

Lockheed Martin attributed the higher net sales primarily to $245 million for government satellite programs due to higher volume: primarily Next Generation Overhead Persistent Infrared (Next Gen OPIR) and classified contracts, and about $105 million for strategic and missile defense programs due to higher volume. 

The Space segment had a strong 2020 overall, and Lockheed Martin reported that for the year that ended Dec. 31, Space had $11.9 billion in net sales, a 9% increase over 2019. Operating profit, however, decreased in 2020 by about $42 million, or 4% compared to 2019.

Lockheed Martin’s Space equity earnings, primarily from its stake in United Launch Alliance (ULA) were $135 million for 2020, 12% of Space’s operating profit for the year. This compares to $145 million in equity earnings for 2019, which was 12% of operating profit for 2019. 

Overall, the company achieved record sales of $65.4 billion in 2020 and record segment operating profit of $7.2 billion. Each segment saw a sales increase in 2020, led by Aeronautics with an 11% increase, and Missiles and Fire Control also with an 11% increase.

CEO James Taiclet said in a statement the company expects to continent he momentum in 2021. Lockheed Martin is forecasting 2021 sales of between $67 billion and $68.5 billion. 

“Throughout 2020, the men and women of Lockheed Martin overcame the public health, operational and supply chain challenges caused by the COVID-19 pandemic, and continued to deliver the platforms, systems, and services essential to the national defense of the U.S. and its allies and to the continuation of scientific discovery,” Taiclet said. “We also initiated an enhanced strategic vision for Lockheed Martin designed to accelerate the adoption of leading edge networking and related technologies into our national defense enterprise, while enhancing the performance and value of our major platforms to our customers.”