S&P 500 (NYSE:SPY) component Lockheed Martin (NYSE:LMT) reported net income above Wall Street’s expectations for the first quarter. Lockheed Martin is a global security company that develops and manufactures advanced technology systems and products.
Investing Insights: What’s the Future of Microsoft’s Stock?
Lockheed Martin Earnings Cheat Sheet for the First Quarter
Results: Net income for Lockheed Martin rose to $668 million ($2.03 per share) vs. $530 million ($1.50 per share) in the same quarter a year earlier. This marks a rise of 26% from the year-earlier quarter.
Revenue: Rose 6.3% to $11.29 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Lockheed Martin beat the mean analyst estimate of $1.70 per share. It beat the average revenue estimate of $10.56 billion.
Quoting Management: “Our strong first quarter results reflect the strength of our portfolio and the commitment of our team to deliver value to our customers and shareholders,” said Bob Stevens, chairman and chief executive officer. “Throughout the remainder of 2012, we will focus on reducing costs and improving program execution to remain competitive and deliver value.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 59 cents in the fourth quarter of the last fiscal year, by 26 cents in the third quarter of the last fiscal year, and by 12 cents in the second quarter of the last fiscal year.
The increase in profit last quarter comes after net income fell in the previous quarter. In the fourth quarter of the last fiscal year, net income declined 30.5% to $683 million.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the second quarter is $1.97 per share, up from $1.92 ninety days ago. For the fiscal year, the average estimate has moved up from $7.74 a share to $7.86 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
Don’t Miss These Additional Hot Stories: