Lockheed Martin reports $51 million in gains from Ventures fund

By Marjorie Censer / April 20, 2021 at 12:16 PM

Lockheed Martin said today in its most recent quarter it recognized $51 million in unrealized, after-tax gains from investments in its Lockheed Martin Ventures fund.

In a call with analysts this morning, Ken Possenriede, Lockheed's chief financial officer, said there were "some investments that actually went public that allowed us to make a gain."

Later, he added, the company will "make a determination whether it makes sense for Lockheed Martin to get out of those ventures" and continue to use the technology.

Lockheed Martin Ventures is the company's venture capital arm, which was reinvigorated in 2016. Jim Taiclet, the company's chief executive, told analysts during the same call that the unit is supporting Lockheed's technology roadmaps.

Meanwhile, Lockheed reported that sales in its most recent quarter totaled $16.3 billion, up almost 4% from the same three-month period a year earlier. The contractor reported sales gains in all four of its business units.

Lockheed said its quarterly profit hit $1.8 billion, up nearly 7% from the prior year.

Taiclet also noted the company’s planned acquisition of Aerojet Rocketdyne is moving forward. The Federal Trade Commission has requested additional information, but the company continues “to expect resolution of the regulatory review process by the latter part of 2021,” he said.