Lockheed's Profit Tops Estimates, Lifts Full-Year Outlook

Tuesday, 22 Oct 2013 07:48 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Lockheed Martin Corp. beat expectations with a 20 percent increase in third-quarter net income and raised its full-year profit forecast, although it said revenue would slip next year on likely federal budget cuts.

The Bethesda, Md.-based aerospace and defense company reported a 19 percent gain in earnings in its missiles business, which helped offset roughly flat profit in aeronautics and declines in three smaller units.

The company said net income rose to $873 million, or $2.66 per share, from the year-ago earnings of $727 million, or $2.21 per share. Profit from continuing operations was $2.57 per share. The third-quarter figures included a charge of 5 cents per share to cover job reductions at its former electronic-systems segment.

Analysts had expected $2.27 per share, according to FactSet.

Revenue fell 5 percent to $11.35 billion, but beat analysts' forecast of $11.15 billion.

Lockheed said it now expects full-year earnings of between $9.40 and $9.70 per share, up from its earlier forecast of $9.20 to $9.50 per share. Analysts were expecting $9.51. But Lockheed said that 2014 revenue would decline "slightly."

In premarket activity, shares gained $4.40, or 3.5 percent, to $129.70.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved