Lockheed Martin (LMT) Misses Q4 EPS by 4c, Revenues Beat; Offers FY21 EPS/Revenue Guidance

Lockheed Martin (NYSE: LMT) reported Q4 EPS of $6.38, $0.04 worse than the analyst estimate of $6.42. Revenue for the quarter came in at $17.03 billion versus the consensus estimate of $16.92 billion.

• Net sales of $17.0 billion in the fourth quarter and $65.4 billion in 2020
• Net earnings from continuing operations of $1.8 billion, or $6.38 per share, in the fourth quarter and $6.9 billion, or $24.50 per share, in 2020
• Cash from operations of $1.8 billion in the fourth quarter and $8.2 billion in 2020, after discretionary pension contributions of $1.0 billion
• Announced agreement to acquire Aerojet Rocketdyne
• 2021 financial outlook provided

"Throughout 2020, the men and women of Lockheed Martin overcame the public health, operational and supply chain challenges caused by the COVID-19 pandemic, and continued to deliver the platforms, systems, and services essential to the national defense of the U.S. and its allies and to the continuation of scientific discovery. In concert with our resilient operational performance, we delivered strong financial results on behalf of our shareholders and contributed to our communities through the production of PPE, accelerated payments to small and medium businesses, and elevated charitable contributions to support a range of important local and national services," said Lockheed Martin president and CEO James Taiclet. "We also initiated an enhanced strategic vision for Lockheed Martin designed to accelerate the adoption of leading edge networking and related technologies into our national defense enterprise, while enhancing the performance and value of our major platforms to our customers. We intend to maintain our momentum as we enter 2021 in all of these dimensions for the benefit of our customers, communities and shareholders."

GUIDANCE:

Lockheed Martin sees FY2021 EPS of $26.00-$26.30, versus the consensus of $26.11. Lockheed Martin sees FY2021 revenue of $67.1-68.5 billion, versus the consensus of $68.04 billion.

For earnings history and earnings-related data on Lockheed Martin (LMT) click here.

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