UPDATE: Lockheed Martin Posts Upbeat Q3 Profit, Revenue Misses Estimates

Loading...
Loading...
Lockheed Martin
LMT
reported better-than-expected profit for the third quarter and lifted its 2014 earnings guidance. The Bethesda, Maryland-based company posted a quarterly profit of $888 million, versus a year-ago profit of $873 million. Its EPS surged to $2.76 from $2.66. Its sales slipped 2% to $11.1 billion in the period. However, analysts were expecting a profit of of $2.71 per share on revenue of $11.28 billion. Aeronautics' net sales for the quarter fell 2%, while Information Systems & Global Solutions net sales dropped 5%. Missiles and Fire Control net sales declined 5%, while Mission Systems and Training net sales tumbled 1%. Space Systems' net sales for the quarter rose 4%. Lockheed Martin raised its quarterly dividend from $1.33 to $1.50 per share. The company repurchased 2.6 million shares for $446 million during the quarter. Lockheed Martin narrowed its 2014 sales forecast to $45 billion, versus its earlier forecast of $44.0 billion to $45.50 billion. The company also projects a low single-digit sales decline in 2015. The company now expects 2014 earnings of $11.15 per share, versus earlier forecast of $10.85 to $11.15 per share. Lockheed Martin shares dropped 2.12% to $172.50 in pre-market trading.
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceAerospace & DefenseIndustrialsprofit
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...