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

Lockheed Martin reported its Third Quarter (Q3) 2019 financial results, in which it saw net sales increase in its Space segment, and overall. The company reported overall net sales of $15.2 billion, compared to $14.3 billion in the third quarter of 2018. Net earnings in Q3 2019 were $1.6 billion, compared to $1.5 billion in the third quarter of 2018.

Space’s net sales in the third quarter of 2019 increased $128 million, or 5 percent, compared to the same period in 2018. The increase was primarily attributable to higher net sales of approximately $100 million for government satellite programs due to higher volume — primarily Next Generation Overhead Persistent Infrared (Next Gen OPIR) and Global Positioning System (GPS) III) — and about $95 million for strategic and missile defense programs due to higher volume (primarily new hypersonic development programs). These increases were partially offset by a decrease of $35 million due to lower volume on the Orion program and a decrease of $25 million due to lower volume on commercial satellite programs.

“The corporation achieved another quarter of strong growth and outstanding operational performance,” said Lockheed Martin Chairman, President and CEO Marillyn Hewson. “As we look ahead to 2020, we remain focused on providing innovative solutions for our customers, investing for long-term growth, and generating value for our shareholders.”