Lockheed Martin Corp LMT shares are trading lower Tuesday after the company reported worse-than-expected financial results and cut guidance below analyst estimates.
Lockheed reported second-quarter revenue of $15.45 billion, which missed the estimate of $16.05 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $6.32 per share, which missed the estimate of $6.39 per share.
"Although revenue in the period was affected by supply chain impacts and the timing of customer contract negotiations, our cost management initiatives resulted in margin expansion," said James Taiclet, chairman, president and CEO of Lockheed Martin.
Lockheed cut full-year revenue guidance from approximately $66 billion to approximately $65.25 billion versus the estimate of $65.98 billion. Full-year earnings are expected to come in around $21.55 per share.
Related Link: Lockheed Martin: Q2 Earnings Insights
LMT Price Action: Lockheed Martin has traded between $479.99 and $324.22 over a 52-week period.
The stock was down 3.78% at $372.65 at time of publication.
Photo: courtesy of Lockheed Martin.
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