[SatNews] Lockheed Martin Corporation (NYSE: LMT) today reported first quarter 2011 net sales of $10.6 billion, compared to $10.3 billion in 2010.

Earnings from continuing operations for the first quarter of 2011 were $548 million, or $1.55 per diluted share, compared to $519 million, or $1.38 per diluted share in 2010. Cash from operations in the first quarter of 2011 was $1.7 billion, compared to $1.6 billion in 2010. The first quarter of 2011 included a FAS/CAS pension adjustment of ($231) million, which reduced earnings from continuing operations by ($150) million, or ($0.43) per share. The first quarter of 2010 included a FAS/CAS pension adjustment of ($110) million, or ($0.19) per share, and an unusual tax charge of ($96) million, or ($0.25) per share resulting from legislation that eliminated the tax deduction for benefit costs reimbursed under Medicare Part D, which together reduced earnings from continuing operations by ($168) million, or ($0.44) per share.

“We had a solid operating and financial start to 2011,” said Bob Stevens, Chairman and CEO. “We focused on executing on our programs while continuing to find affordable solutions, because we and our customers need to make every dollar count. In this new reality shaped by an increasingly complex global security environment and an uncertain economy, we remain committed to providing value to our customers while achieving strong financial results for our shareholders.” To read the entire financial report, access this direct link.