Lockheed tops fourth quarter forecasts

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Lockheed Martin on Jan. 24 reported fourth-quarter earnings of $988 million.

On a per-share basis, the Bethesda, Md.,-based company said it had net income of $3.35. Earnings, adjusted to account for discontinued operations, came to $3.25 per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.04 per share.

The aerospace and defense company posted revenue of $13.75 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $13.09 billion.

For the year, the company reported profit of $5.3 billion, or $17.49 per share. Revenue was reported as $47.25 billion.

Lockheed expects full-year earnings to be $12.25 to $12.55 per share, with revenue in the range of $49.4 billion to $50.6 billion.

Lockheed shares have increased 3 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 1 percent. The stock has climbed 22 percent in the last 12 months.