Why Lockheed Martin Earnings Are Booming
Lockheed Martin reported better-than-expected quarterly results before the markets opened on Tuesday.
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Lockheed Martin Corp. (NYSE: LMT) reported its most recent quarterly results before the markets opened on Tuesday. The company posted $4.31 in earnings per share (EPS) and $13.4 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $3.92 in EPS and revenue of $12.74 billion. The same period of last year reportedly had EPS of $3.23 on $12.69 billion in revenue.
During the latest quarter, Lockheed Martin repurchased 1.0 million shares for $310 million and paid cash dividends of $570 million.
In terms of its segments, the company reported as follows:
- Aeronautics revenues increased 8% year over year to $5.32 billion, with an operating profit of $572 million.
- Missiles and Fire Control increased 17% to $2.09 billion, with an operating profit of $279 million.
- Rotary and Mission Systems increased 4% to $3.57 billion, with an operating profit of $341 million.
- Space decreased 1% to $2.43 billion, with an operating profit of $274 million.
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Looking ahead to the 2018 full year, the company expects to see EPS in the range of $16.75 to $17.05 and revenues between $51.6 billion and $53.1 billion. The consensus estimates are $16.17 in EPS and $51.32 billion in revenue.
Marillyn Hewson, Lockheed Martin’s board chair, president and CEO, commented:
The corporation achieved strong results in the second quarter, allowing us to increase our financial guidance for sales, profit, earnings per share and cash from operations. Our team remains dedicated to performing with excellence, providing affordable and innovative solutions for our customers, and generating outstanding value for our shareholders.
Shares of Lockheed Martin closed Monday at $318.33, with a consensus analyst price target of $367.11 and a 52-week range of $286.17 to $363.00. Following the announcement, the stock was up nearly 3% at $326.36 in early trading indications Tuesday.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
