Lockheed Martin Earnings Preview

Aerospace giant Lockheed Martin

reports fourth-quarter results before the bell today and analysts are expecting a profit of $1.94 a share on revenue of $12.3 billion. EPS estimates range from $1.82 to $2.03 while revenue estimates range from $11.99 billion to $12.55 billion. On Wednesday, Defense Department officials said the U.S. government will purchase 29 F-35 fighter jets in fiscal 2013, 13 fewer than previously expected. The Pentagon's top weapons program found this month the F-35 had “mixed results” in tests last year of its flight characteristics and combat systems, according to Bloomberg News. Lockheed, the largest U.S. defense contractor, has beaten Wall Street estimates the last four quarters. Revenue has risen in the past two quarters, but analysts are lukewarm on the stock with 16 Hold ratings out there right now. Still, the stock is trading near 52-week highs and resides almost 8% above its 200-day moving average. Lockheed trades at 10.3 times forward earnings and almost 9 times book value. With a yield of 4.8%, Lockheed is well above rivals such as Boeing

, General Dynamics

and Northrop Grumman

.