Home Business Lockheed Martin stock falls premarket after sales and profit miss expectations

Lockheed Martin stock falls premarket after sales and profit miss expectations

by Atlanta Business Journal

Shares of Lockheed Martin Corp.
LMT,
-2.79%

shares fell 3.5% in premarket trading Tuesday after the aerospace and defense contractor reported second-quarter results that missed analysts’ profit and sales estimates. Net income was $309 million, or $1.16 a share, which included non-operational charges of $1.7 billion. The company’s net income was $1.81 billion, or $6.52 a share, in the prior year’s quarter. The Factset consensus for earnings per share was $1.88. Sales were $15.44 billion, down from $17.02 billion in the year-ago quarter, missing the FactSet consensus of $15.98 billion. Aeronautics revenue was $5.86 billion, down from $6.66 billion in the same period last year, while missiles and fire control sales were $2.74 billion, down from $2.94 billion. Rotary and mission systems revenue was $4.01 billion, down from $4.24 billion. Space sales were $2.82 billion, compared to $3.17 billion in the prior year’s quarter. Lockheed Martin lowered its full-year sales guidance to $65.25 billion from its prior guidance of $66 billion, and gave full-year EPS guidance of $21.55 compared to its prior outlook of $26.70.

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