Lockheed Martin earnings
Net income at US military-industrial group Lockheed Martin (NYSE:LMT) Corp. rose 6 percent to $1.8 billion, or $6.56 per share, compared with $1.7 billion, or $6.08 per share, in the same period last year.
Lockheed Martin's quarterly revenue rose 4 percent to $16.258 billion from $15.651 billion, the company said in a press release.
However, analysts on average had forecast earnings of $6.30 per share on revenue of $16.3 billion.
Revenue at Lockheed Martin's aircraft division was almost flat year on year last quarter at $6.39 billion and operating profit rose 3% to $693 million.
The missile and fire control systems division increased revenue by 5% to $2.75 billion, with operating profit remaining flat at $396 million.
Revenue in the rotor and flight systems division rose 10% to $4.11 billion and operating profit jumped 15% to $433 million.
The space division recorded a 3% increase in revenues to $3.02 billion and a 19% decline in operating profits to $227 million.
The company raised its earnings guidance for the year to $26.4 to $26.7 per share from the $26 to $26.3 per share forecast in January. The company raised its full-year revenue forecast to $67.3-68.7 billion from $67.1-68.5 billion. It is worth noting that analysts had estimated these figures at $26.33 billion and $68.1 billion respectively.
Lockheed Martin shares are losing ground in early trading on Tuesday. The company's capitalisation has risen 9.3 per cent since the start of the year, while the Standard Poor's 500 stock index has added 10.5 per cent in the period.