TOP 100 TRANSPORTATION AND LOGISTICS SITES
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| Lockheed Martin's Pension Plan Is a Financial WMD Anthony Alfidi submits:The Global War on Terror was once based on the premise that enemies of the United States possessed weapons of mass destruction (WMDs). Defense contractors like Lockheed Martin (LMT) have raked in tremendous profits since the war began even though no WMDs have been found. Well, I’ve found one on Lockheed Martin’s balance sheet. LMT’s qualified defined benefit pension plan has been severely underfunded since its market value dramatically declined in 2008. Accounting for this on LMT’s balance sheet necessitated a severe writedown of shareholder equity that year. The plan’s portfolio composition is not clear, but if the plan’s managers used trendy concepts like the “Swensen Yale Model” that so enraptured other money managers of late then its assets may be in deep kimchi in coming years. In their 10-Q for Q2 2009, LMT states that they have made their full pension plan contributions for the year: In 2008, we made discretionary prepayments totaling $109 million related to our qualified defined benefit pension plans and $120 million related to our retiree medical and life insurance plans. These prepayments reduce our cash funding requirements for 2009. There were no contributions in the first six months of 2009. Based on our known requirements as of June 28, 2009, we do not expect there to be any required cash contributions related to the qualified defined benefit pension plans or the medical and life insurance plans for the remainder of 2009 due to the prepayments made in prior years. We may review options for further discretionary contributions in 2009. Complete Story » seekingalpha.com |
How Much Trouble Is Toyota Really In? Market Blog submits: By David BermanThe controversy swirling around Toyota Motor Corp. (TM) is showing no signs of settling down, more than a month after the company recalled many of its vehicles because of a sudden acceleration problem. In the latest round of news, the Japanese auto maker’s chief executive said in written testimony that he was “deeply sorry for any accidents that Toyota drivers have experienced” – and is expected to testify before a U.S. congressional committee on Wednesday amid safety recalls worldwide.Complete Story » seekingalpha.com |
Alaska Air Group Inc. Q1 2010 Earnings Call Transcript Alaska Air Group Inc. (ALK)Q1 2010 Earnings Call April 22, 2010 11:30 am ETComplete Story » seekingalpha.com |
The Goodyear Tire & Rubber Company Q2 2010 Earnings Call Transcript The Goodyear Tire & Rubber Company (GT)Q2 2010 Earnings Call TranscriptComplete Story » seekingalpha.com |
Coastal Distribution System: Capturing Positive Industry Trends Adam Sues submits:The recreational vehicle (R/V) market was absolutely crushed during the recession of 2008 and 2009, as customers put off major discretionary items. Coastal Distribution System (CRV), a part maker and distributor of over 12,000 RV and boating parts, supplies and accessories, was hit especially hard, with sales dropping more than 40% between 2006-2009. Despite the company’s struggles, the industry appears to have hit rock bottom and the future outlook has started to show signs of improvement.Complete Story » seekingalpha.com |