As of this writing, shares of Lockheed Martin were flat at $195.68 per share, while shares of Freeport-McMoRan were down 4.4% to $18.70 per share
Lockheed Martin and Freeport-McMoRan both released the earnings results from their most recently completed quarters this morning. Lockheed Martin posted net earnings of $2.82 per share, compared to $1.50 per share last year, on $12.5 billion in net sales, compared to $11.5 billion in the same quarter a year ago. Analysts had been expecting the company to post earnings of $2.85 per share on $11.89 billion in revenue.
Freeport-McMoRan posted adjusted earnings of 25 cents per share on sales of $5.24 billion, compared to $5.89 billion in the same quarter last year. Analysts had been expecting the company to post earnings of 35 cents per share on $4.93 billion in revenue.
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Key metrics from Lockheed Martin’s earnings report
For the full year, Lockheed Martin reported net earnings of $11.31 per share and net sales of $45.6 billion.
In the fourth quarter, the defense contractor reported a negative impact of 33 cents per share related to a “non-cash goodwill impairment.” A decline in income taxes partially offset that, raising net earnings by 54 cents per share.
Lockheed Martin reported $4.135 billion in net sales from its Aeronautics division and $1.988 billion in revenue from its Information Systems and Global Solutions business. The defense contractor’s Missiles and Fire Control segment saw $2.014 billion in sales, while its Mission Systems and Training business saw $2.069 billion in sales. Space Systems recorded sales of $2.324 billion in sales for the fourth quarter.
For this year, Lockheed Martin management projects between $43.5 billion and $45 billion in orders and net sales of between $43.5 billion and $45 billion. The company expects diluted earnings of between $10.80 and $11.10 per share.
The company’s ending backlog was $80.5 billion.
Key metrics from Freeport-McMoRan’s earnings report
Freeport-McMoRan posted a net loss of $2.75 per share, compared to earnings of 68 cents per share in the same quarter last year. For the full year, the company reported net earnings of $1.26 per share and adjusted earnings of $1.96 per share.
Freeport-McMoRan sold 972 million pounds of copper, 377,000 ounces of gold, 21 million pounds of molybdenum and 12.1 million barrels of oil equivalent during the fourth quarter. Average realized prices were $2,95 per pound for copper, $1,193 an ounce for goal and $78.02 a barrel for oil.
The company expects full year consolidated sales for this year of 4.3 billion pounds of copper, 1.3 million ounces of gold, 95 million pounds of molybdenum and 55.5 million barrels of oil equivalent. For the current quarter, Freeport-McMoRan expects to sell 950 million pounds of copper, 225,000 ounces of gold, 23 million pounds of molybdenum and 13.1 million barrels of oil equivalent.
The company also announced that it is seeking third-party funds for its expenditures on oil and gas. Freeport-McMoRan also slashed its 2015 capital expenditures plans and other costs by $2 billion.