Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Lockheed Martin Corporation    LMT

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Lockheed Martin Corporation : Lockheed earnings beat Street, full-year forecast raised

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/23/2013 | 09:20am EST
Handout photo of workers on the moving line and forward fuselage assembly areas for the F-35 JSF at Lockheed Martin Corp's factory located in Fort Worth, Texas

Lockheed Martin Corp on Tuesday beat analysts' forecasts with a 10 percent rise in second-quarter earnings and lifted its full-year profit forecast, saying Pentagon budget cuts had not hurt as much as expected.

The news sent shares of Lockheed, the Pentagon's largest supplier and maker of F-35 fighter jets, Aegis missiles and new coastal warships, up nearly 3 percent in premarket trading.

"Overall, we had strong operational performance and program execution across all business areas this quarter, enabling us to increase 2013 financial guidance for operating profit, earnings per share and cash from operations," Chief Executive Marillyn Hewson said in a press release.

Chief Financial Officer Bruce Tanner told reporters that $37 billion (24.1 billion pounds) in budget cuts imposed on the Pentagon earlier this year were having less impact on the company than initially expected. The cuts were part of across-the-board government spending reductions under "budget sequestration."

"Frankly, it's not affecting us as deeply as we thought it would at the start of the year when sequestration was first implemented," he said.

Tanner said Lockheed was seeing some effect on revenue but did not expect the impact to rise to his earlier calculation that revenue could be reduced by $825 million.

He said the military was "taking the lion's share of that hit," as the Pentagon reduced its funding for operations, maintenance and keeping troops ready for conflict.

Lockheed is keeping a close eye on the 2014 budget deliberations on Capitol Hill, but Tanner said the company still was not sure whether - and to what extent - sequestration cuts would be imposed again in fiscal 2014, which begins October 1.

"We're back in the same situation where we're not certain whether sequestration will take place or not," he said.

Hewson told reporters the company's biggest program, the F-35 fighter jet, enjoyed strong support from the Pentagon and international buyers.

She said Lockheed was making "good progress" in talks with the Pentagon about the next two batches of F-35 fighter jets and hoped to complete an agreement in the near term.

Lockheed is building three models of the F-35 for the U.S. military and eight international partner countries - Britain, Australia, Canada, Norway, Turkey, Italy, Denmark and the Netherlands. Israel and Japan have also ordered the jet.

Hewson said Lockheed's first coastal warship, the USS Freedom, was performing well overall on its first major foreign deployment in Singapore, despite a recurring problem with its generators that sent the ship back to port over the weekend.

She said the issue was typical of those faced by the first in a new class of warships, and Lockheed had implemented measures to improve the reliability of the generators.

Lockheed said it now expects earnings per share of $9.20 to $9.50 for the full year, up 4 percent from its April guidance. It left its revenue forecast unchanged at $44.5 billion to $46 billion.

The company reported second-quarter net earnings of $859 million, up from $781 million a year earlier. Earnings per share rose to $2.64 from $2.38.

Revenues fell 4 percent to $11.4 billion.

Analysts polled by Thomson Reuters I/B/E/S had expected earnings of $2.20 per share on revenue of $11.1 billion.

Revenue was down or flat in four of Lockheed's five operating units. The exception was missiles and fire control, where sales rose 11 percent.

Operating profit was lower in aeronautics, information systems and space business units, but grew significantly in missiles and fire control and mission systems.

Lockheed said its Missions Systems and Training division lifted its operating profit by $80 million, or 41 percent.

(Reporting by Andrea Shalal-Esa; Editing by Stephen Coates and John Wallace)

By Andrea Shalal-Esa

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on LOCKHEED MARTIN CORPORATIO
02:38p GENERAL ELECTRIC : Federal Contracts Awarded by Federal Agencies in Maryland (No..
11/17 LOCKHEED MARTIN : MILITARY $43.23 Million Federal Contract Awarded to Lockheed M..
11/17 Raytheon gets OK for $10.5 billion Patriot sale to Poland - Pentagon
11/17 LOCKHEED MARTIN : MILITARY $100,000 Federal Contract Awarded to Lockheed Martin
11/17 LOCKHEED MARTIN : Federal Contracts Awarded to Companies in New Jersey (Nov. 17)
11/17 LOCKHEED MARTIN : MILITARY $112.74 Million Federal Contract Awarded to Lockheed ..
11/17 LOCKHEED MARTIN : MILITARY $2.23 Million Federal Contract Awarded to Lockheed Ma..
11/17 LOCKHEED MARTIN : MILITARY $191,564 Federal Contract Awarded to Lockheed Martin
11/17 LOCKHEED MARTIN : MILITARY $256,743 Federal Contract Awarded to Lockheed Martin
11/17 LOCKHEED MARTIN : MILITARY $547,284 Federal Contract Awarded to Lockheed Martin
More news
News from SeekingAlpha
11/17 Lockheed Martin Inches Closer To My Price Target
11/17 40 Dividend Stocks Battling Into 2018
11/16 LRDR critical design review on-schedule
11/15 DAY 3 AT THE DUBAI AIRSHOW : ABC-Series!
11/14 Sikorsky S-92 can now operate in Mexico
Financials ($)
Sales 2017 50 654 M
EBIT 2017 5 797 M
Net income 2017 3 800 M
Debt 2017 11 470 M
Yield 2017 2,38%
P/E ratio 2017 23,91
P/E ratio 2018 23,05
EV / Sales 2017 1,98x
EV / Sales 2018 1,95x
Capitalization 88 802 M
Chart LOCKHEED MARTIN CORPORATIO
Duration : Period :
Lockheed Martin Corporatio Technical Analysis Chart | LMT | US5398301094 | 4-Traders
Technical analysis trends LOCKHEED MARTIN CORPORATIO
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 330 $
Spread / Average Target 6,4%
EPS Revisions
Managers
NameTitle
Marillyn A. Hewson Chairman, President & Chief Executive Officer
Rodney A. Makoske SVP-Corporate Engineering, Technology & Operations
Bruce L. Tanner Chief Financial Officer & Executive Vice President
Nolan Don Archibald Lead Independent Director
Anne L. Stevens Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
LOCKHEED MARTIN CORPORATION23.91%88 802
UNITED TECHNOLOGIES CORPORATION6.30%93 057
AIRBUS SE35.07%77 487
GENERAL DYNAMICS14.54%59 051
RAYTHEON28.77%52 860
NORTHROP GRUMMAN CORPORATION27.63%51 675