Lockheed Martin Earnings Cheat Sheet: Another Quarter of Profit Decrease
S&P 500 (NYSE:SPY) component Lockheed Martin (NYSE:LMT) reported its results for the second quarter. Lockheed Martin Corporation is a global security company that develops and manufactures advanced technology systems and products.
Lockheed Martin Earnings Cheat Sheet for the Second Quarter
Results: Net income for Lockheed Martin fell to $742 million ($2.14 per share) vs. $825 million ($2.22 per share) a year earlier. This is a decline of 10.1% from the year earlier quarter.
Revenue: Rose 2% to $11.55 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: LMT beat the mean analyst estimate of $1.94 per share. Analysts were expecting revenue of $11.43 billion.
Quoting Management: “During the second quarter, we had strong execution across the company even while implementing difficult measures to rightsize our business for an environment that remains challenging,” said Bob Stevens, chairman and chief executive officer. “Our focus in this new reality continues to be on delivering affordable solutions that provide value to both our customers and our shareholders.”
The company has now seen net income fall in each of the last two quarters. In the first quarter, net income fell 3.1% from the year earlier quarter.
The company has now topped analyst estimates for the last three quarters. It beat the mark by 4 cents in the first quarter and by 18 cents in the fourth quarter of the last fiscal year.
Competitors to Watch: Astrotech Corp. (NASDAQ:ASTC), The Boeing Company (NYSE:BA), Northrop Grumman Corp. (NYSE:NOC), General Dynamics Corp. (NYSE:GD), OHB Technology AG (OHB), Alliant Techsystems Inc. (NYSE:ATK), Raytheon Company (NYSE:RTN), RKK Energiya im. S.P.Koroleva OAO (RKKE), Duks OAO (DUKS), and Kirovskiy zavod Mayak OAO (KZMK).
(Source: Xignite Financials)