Popular Stories

Lockheed Martin misses profit views but beats on sales, stock falls

Shares of Lockheed Martin Corp. LMT, +1.07% slipped 1.1% in premarket trading Tuesday, after the aerospace and defense company reported fourth-quarter profit that rose less than expected while sales topped forecasts, and provided an in-line full-year outlook. Net income rose to $1.79 billion, or $6.38 a share, from $1.50 billion, or $5.29 a share. The FactSet consensus for net earnings per share was $6.40. Sales grew 7.3% to $17.03 billion, above the FactSet consensus of $16.95 billion, as aeronautics, rotary and mission systems and space sales topped forecasts while missiles and fire control sales came up shy. The company said favorable contract award timing, strong operational performance and lower travel and overhead costs as a result of COVID-19 restrictions partially offset the impacts of COVID-19 on financial results. For 2021, the company expects EPS of $26.00 to $26.30 and sales of $67.10 billion to $68.50 billion, surrounding the FactSet consensus for EPS of $26.18 and sales of $67.97 billion. The stock has lost 6.8% over the past three months through Monday, while the S&P 500 SPX, +0.36% has gained 13.4%.

View Article Origin Here

Related Articles

Back to top button