Q4 2013 Earnings Call Transcript

Transcript Call Date 01/23/2014

Operator: Good day, and welcome everyone to the Lockheed Martin Fourth Quarter and Full Year 2013 Earnings Results Conference Call. Today's call is being recorded.

At this time, for opening remarks and introductions, I would like to turn the call over to Mr. Jerry Kircher, Vice President of Investor Relations. Please go ahead, sir.

Jerry F. Kircher, III - VP, IR: Thank you, Shannon and good afternoon everyone. I'd like to welcome you to our fourth quarter 2013 earnings conference call. Joining me today on the call are Marillyn Hewson, our Chief Executive Officer and President; and Bruce Tanner, our Executive Vice President and Chief Financial Officer.

Statements made in today's call that are not historical fact are considered forward-looking and are made pursuant to the Safe Harbor provisions of federal securities law. Actual results may differ. Please see today's press release and our SEC filings for description of some of the factors that may cause actual results to vary materially from anticipated results. We have posted charts on our website today that we plan to address during the call to supplement our comments. Please access our website at www.lockheedmartin.com, and click on the Investor Relations link to view and follow the charts.

With that, I'd like to turn the call over to Marillyn.

Marillyn A. Hewson - Chairman, President and CEO: Thanks, Jerry. Good afternoon everyone and thank you for joining us on the call today. All of us here hope that your year is off to a good start. Let me being by saying that I am extraordinarily proud of our Lockheed Martin team. We've continued to maintain focus and achieve strong program and financial performance in a challenging environment. These efforts enabled the corporation to generate exceptional operational and financial results in 2013 and have us well positioned for 2014.

While Bruce will cover the financial results in details a little later, I want to highlight a few noteworthy 2013 financial achievements from my perspective. Starting with new business, I was particularly pleased with our continued success in securing new order bookings from both domestic and international customers. These new contracts awards enabled our year-end 2013 backlog to grow to a record level of almost $83 billion.

Even more impressively 2013 marks the fourth consecutive year we have grown our backlog in a very challenging and competitive environment. I was also pleased that the international component of our backlog grew to approximately $20 billion representing almost 25% of our total backlog. This has us well positioned to achieve our stated goal of expanding international revenues to over 20% of total corporate revenues in the next few years. This backlog expansion is aided by two strategic differentiators.

First, we continue to believe our portfolio is the best positioned in the sector, with unique and direct alignment to many of the essential programs identified by those domestic and international customers.

Second, our corporate-wide focus on fostering and expanding customer relationships, directed at how we may best support their critical needs, continues to play a pivotal role in securing our new business awards for our innovative and cost effective products.

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