Lockheed Martin (LMT) Tops Q2 Earnings Views and Raises FY EPS Guidance, But Revenues Comes Up Light
Tweet Send to a Friend
Get Alerts LMT Hot Sheet
Trade LMT Now!
Lockheed Martin Corp. (NYSE: LMT) said Tuesday that its profit in the second quarter rose 12 percent due to stronger sales of its military hardware as well as gains from plans to sell off a business unit.
The largest supplier of military equipment to the U.S. reported second-quarter earnings of $825 million or $2.22 per share, up from earnings of $734 million or $1.88 per share in the same quarter last year.
Excluding one-time items, the company earned $1.96 per share in the quarter, 18 cents better than the market estimate of $1.78 per share.
Revenue for Lockheed Martin rose 4 percent to $11.44 billion in the April through June period from $11.07 billion, compared to the market consensus of $11.48 billion. The company said that sales were up in all four divisions including fighter jets, missiles, satellites and defense electronics.
“Strategically, we decided to divest two units and realign others to strengthen performance over the long term,” said Lockheed Martin Chairman and Chief Executive Officer Bob Stevens. In the new reality of escalating demands and increasing constraints on resources, we continue to refine our portfolio of capabilities and services to provide the best, most affordable solutions for our customers, a secure future for our employees and value for our shareholders."
Looking forward, the company raised its full-year earnings guidance to a range of $7.15 to $7.35 per share from a prior view of $7.00 to $7.20 per share, and compared to the Street’s view of $7.33 per share. However, the company sees net sales of $45.5-$46.5 billion, down from a prior view $46.25-$47.25 billion and the consensus of $46.9 billion.
Shares of Lockheed Martin are up 90 cents to $75.78 in premarket trade Tuesday.
The largest supplier of military equipment to the U.S. reported second-quarter earnings of $825 million or $2.22 per share, up from earnings of $734 million or $1.88 per share in the same quarter last year.
Excluding one-time items, the company earned $1.96 per share in the quarter, 18 cents better than the market estimate of $1.78 per share.
Revenue for Lockheed Martin rose 4 percent to $11.44 billion in the April through June period from $11.07 billion, compared to the market consensus of $11.48 billion. The company said that sales were up in all four divisions including fighter jets, missiles, satellites and defense electronics.
“Strategically, we decided to divest two units and realign others to strengthen performance over the long term,” said Lockheed Martin Chairman and Chief Executive Officer Bob Stevens. In the new reality of escalating demands and increasing constraints on resources, we continue to refine our portfolio of capabilities and services to provide the best, most affordable solutions for our customers, a secure future for our employees and value for our shareholders."
Looking forward, the company raised its full-year earnings guidance to a range of $7.15 to $7.35 per share from a prior view of $7.00 to $7.20 per share, and compared to the Street’s view of $7.33 per share. However, the company sees net sales of $45.5-$46.5 billion, down from a prior view $46.25-$47.25 billion and the consensus of $46.9 billion.
Shares of Lockheed Martin are up 90 cents to $75.78 in premarket trade Tuesday.
You May Also Be Interested In
- NetApp (NTAP) Tops Q4 EPS by 1c; Boosts Buyback, Plans Job Cuts, Initiates Dividend
- Synopsys, Inc. (SNPS) Tops Q1 EPS by 3c, Offers Guidance
- Rexnord (RXN) Misses Q4 EPS by 7c; Issues Light Q1 Outlook
Create E-mail Alert Related Categories
Earnings, Guidance
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
