Lockheed Martin Corporation Q2 Earnings: Shares Rise, Outlook Boosted

Lockheed Martin Corporation Q2 Earnings: Shares Rise, Outlook Boosted
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The Lockheed Martin Q2:F17 earnings report was released before opening bell this morning. The defense contractor posted earnings of $3.23 per share on $12.7 billion in revenue, compared to the consensus estimates of $3.11 per share and $12.4 billion in sales. In last year’s second quarter, the defense contractor reported $11.58 billion in sales and $3.32 per share in earnings.

Lockheed Martin Q2:F17 earnings

Lockheed Martin’s aeronautics sales grew to $5.23 billion from $4.38 billion in last year’s second quarter. The consensus had been looking for only $5.02 billion. The defense contractor said higher sales of F-35 aircraft boosted the segment’s results. Also sales of C-130 aircraft provided a favorable mix.

Space systems revenue rose to $2.4 billion from $2.22 billion last year. Consensus had been expecting $2.21 billion. Equity earnings from Space Systems, which mainly is from the United Launch Alliance, made up 18% of the segment’s total operating profits, compared to 35% in the year-ago quarter. The lower operating profit from ULA was mainly the result of “performance matters on certain commercial satellite programs,” the defense contractor said.

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Missiles and fire control revenue fell to $1.64 billion from $1.68 billion a year ago; consensus had been expecting $1.76 billion. Lockheed Martin said lower sales in its air and missile defense programs as a result of lower deliveries for the Patriot Advanced Capability program and other programs drove the decline.

Rotary and mission systems sales increased to $3.4 billion from $3.3 billion last year. Analysts had been expecting $3.27 billion.

The defense contractor returned $1 billion to shareholders during the second quarter, including $500 million in share buybacks.

Lockheed Martin raises guidance

Lockheed Martin also boosted its full-year earnings guidance to between $12.30 and $12.60 per share from $12.15 to $12.45 per share. It also increased its full-year sales guidance to a range of $49.8 billion to $51 billion from $49.5 billion to $50.7 billion.

After the Lockheed Martin Q2:F17 earnings report was released, the company’s stock rose by as much as 2.26% to $295 in premarket trades this morning.

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