Business

July 24, 2012

Lockheed Martin second quarter profit up, boosts 2012 outlook

Lockheed Martin posted a 5 percent increase in second-quarter net income thanks in part to strong commercial satellite deliveries.

The Bethesda, Md., aerospace and defense contractor also raised its full-year profit guidance citing the better-than-expected quarterly results.

For the quarter ended June 24, Lockheed Martin earned $781 million, or $2.38 per share, up from $742 million, or $2.14 per share, in the same quarter last year.

The recent quarter’s results included $97 million in charges related to recent job cuts at the company’s aeronautics and space systems businesses, along with a tax benefit of $89 million. When combined the two items increased the recent quarter’s profit by 8 cents per share. Pension-related costs also reduced the company’s profit by 39 cents per share.

Sales rose 3.3 percent to $11.92 billion from $11.54 billion.

The results easily beat Wall Street predictions. Analysts, on average, expected a profit of $1.91 per share on $11.31 billion in revenue, according to a FactSet poll.

Sales of space systems jumped 18 percent to $2.38 billion, boosted by a $285 million increase in commercial satellite deliveries. Electronics sales rose 2.3 percent to $3.87 billion, while aeronautics sales rose less than a percent to $3.41 billion.

Information systems and global solutions revenue fell 4.2 percent to $2.26 billion, as a key contract concluded, the company said.

Lockheed Martin left its full-year revenue prediction of $45 billion to $46 billion in place, but raised its 2012 profit prediction to a range of $7.90 to $8.10 per share. The company previously projected a profit of between $7.70 and $7.90 per share.

Analysts polled by FactSet expect a profit of $7.84 per share on $46.5 billion in revenue.




All of this week's top headlines to your email every Friday.


 
 

 

Headlines March 4, 2015

News: Pentagon: Another BRAC will save money - Pentagon planners have a new pitch to lawmakers skeptical of a fresh round of base closings: We promise we’ll save money this time.   Business: China’s new C919 will begin test flights this year - China’s new superjet will take to the skies for the first time later this...
 
 
Air Force photograph by SrA. Jensen Stidham

World War II pilot reunited with P-47

Air Force photograph by SrA. Jensen Stidham Retired Air National Guard Chief Warrant Officer 2 Robert Hertel, laughs while under the wing of a P-47 Thunderbolt during the Heritage Flight Training and Certification Course Feb. 2...
 
 

News Briefs March 4, 2015

General: 8,500 Islamic State fighters killed in Iraq so far The U.S.-led military coalition in Iraq has killed more than 8,500 Islamic State fighters since its bombing campaign began in August, the top general overseeing the coalition said March 3. Army Gen. Lloyd Austin, the commander of U.S. Central Command, said the Islamic State, which...
 

 
Lockheed Martin photograph

Turning up the heat

Lockheed Martin photograph Lockheed Martin ATHENA laser weapon system defeats a truck target by disabling the engine, demonstrating its military effectiveness against enemy ground vehicles. Latest evolution of Lockheed Martin l...
 
 

USO Visit

Air Force photograph by Jet Fabara Actor Vince Vaughn speaks with Edwards Airmen and 412th Security Forces Squadron members at the base library before introducing an advance screening of his new movie, “Unfinished Business,” at the base theater Feb. 28.
 
 

Sikorsky S-97 RAIDERô team begins final assembly of second aircraft

Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp., announced March 4 the start of final assembly of the second S-97 RAIDERô helicopter at the company’s Development Flight Center. Along with a team of industry suppliers, Sikorsky is developing two RAIDERô prototypes to demonstrate the revolutionary new capabilities in improved maneuverability and flight speed. The...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>