Lockheed Martin released the earnings results from its first fiscal quarter before opening bell this morning, posting net earnings of $2.74 per share on revenue of $10.1 billion. Analysts had been expecting earnings of $2.50 per share on $10.2 billion in revenue. In the same quarter last year, the defense contractor reported earnings of $2.87 per share on sales of $10.7 billion.
Key metrics from Lockheed Martin’s earnings report
Lockheed Martin’s Aeronautics segment saw net sales fall 7% year over year to $3.134 billion in the first quarter due to lower sales of the C-130 program. The defense contractor’s Information Systems and Global Solutions business recorded a decline of 2% in net sales, which fell to $1.869 billion due to lower sales from the wind-down of some of its programs, including the Persistent Threat Detection System.
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The company’s Missiles and Fire Control segment saw sales decline 19% to $1.503