Lockheed Martin (LMT) Guides Down After Beating Bloomberg Consensus - BofA Securities
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BofA Securities analyst Ronald Epstein reiterated a Buy rating and $440.00 price target on Lockheed Martin (NYSE: LMT) after the company reported 3Q21 GAAP EPS from continuing ops of $2.21, above BofAe of $2.18 and BBG mean of $2.01. Adjusting for a $1.3bn (after-tax) noncash pension settlement charge related to the purchase of group annuity contracts, and $98mn unrealized gains related to increases in fair value investments, EPS would have been $6.93. Revenues of $16,028mn were down 2.8% Y/Y, below Bloomberg consensus of $17,136mn. Segment operating margins of 11.5% were up 86bps Y/Y and above expectations for 11.2%.
The analyst stated "LMT released its initial trends for 2022, reflecting supply chain impacts, F-35 production updates and other recent events. Management expects sales at ~$66bn on ~11% segment operating margins and CFO of $8.4bn or greater. We are currently forecasting 2022 $72.3bn sales (vs. BBG $70.4bn) on 11.1% segment margins and CFO of $6.8bn (vs. BBG of $9.0bn). We expect a tepid market reception to the weak topline and lower than expected outlook for 2022."
Shares of Lockheed Martin closed at $331.91 yesterday.
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