Lockheed Martin Corporation (NYSE:LMT) revealed its earnings for the three months ended September 30 this morning before the market opened on Wall Street. The Defense company showed earnings per share of $2.57 on revenue of $11.3 billion for the period. On Monday’s market shares in Lockheed Martin trended down to finish the day at $125.30.
In the run up to the release of this report analysts following Lockheed Martin Corporation (NYSE:LMT) were looking for earnings per share of $2.27 per share on revenue totaling $11.1 billion. In the same three months of 2012 the company earned $2.26 per share. Revenue in that period came in at $11.9 billion. The big headline for the company during the quarter was the US budget showdown.
Earnings at Lockheed Martin
According to a statement from the company about the shut down, Lockheed Martin Corporation (NYSE:LMT) had about 2,400 furloughed during the government shut down. The losses in the affected programs will not hit the company’s third quarter directly, but they will be important indicator for the company’s shares after the release.
Today’s report will be more about earnings guidance than it is about third quarter earnings. Analysts and investors want to know how much money Lockheed Martin Corporation (NYSE:LMT) lost due to the government shut down and how that is going to affect results for the fourth quarter and the full year.
Before this report was release analysts studying Lockheed Martin Corporation (NYSE:LMT) were looking for fourth quarter earnings of $2.29 on revenue of $11.2 billion, and full year results of $9.47 on $45 billion. The defense firm guided for earnings of $9.40-9.70 per share and revenue of $45 billion for the full year 2013 in this morning’s report.
Performance at Lockheed Martin
Lockheed Martin Corporation (NYSE:LMT) stock has performed incredibly well so far in 2013. The firm’s shares have gained more than 35% since the year began, and that gain has been fairly consistent through the year, slowing down and plateauing as the government headed toward a shut down.
For a company that relies on government contracts, a shutdown is one of the worst things that can happen. The effects of the shut down will be discussed by the company in a conference call at 11 AM EDT. Analysts and investors will be looking to figure out how much damage is coming in the fourth quarter.