Lockheed Martin Corp. said its fourth-quarter normalized net income amounted to $2.66 per share, compared with the S&P Capital IQ consensus estimate of $3.04 per share.

EPS increased 12.0% year over year from $2.37.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $784.4 million, a gain of 6.6% from $735.6 million in the prior-year period.

The normalized profit margin fell to 5.7% from 6.4% in the year-earlier period.

Total revenue climbed 19.4% year over year to $13.75 billion from $11.52 billion, and total operating expenses increased 20.9% on an annual basis to $12.53 billion from $10.36 billion.

Reported net income rose 17.6% from the prior-year period to $959.5 million, or $3.25 per share, from $816.0 million, or $2.63 per share.

For the year, the company's normalized net income totaled $10.03 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $12.20.

EPS rose from $8.95 in the prior year.

Normalized net income was $3.04 billion, a gain from $2.82 billion in the prior year.

Full-year total revenue rose on an annual basis to $47.25 billion from $40.54 billion, and total operating expenses grew on an annual basis to $42.17 billion from $35.93 billion.

The company said reported net income increased on an annual basis to $3.75 billion, or $12.38 per share, in the full year, from $3.12 billion, or $9.93 per share.