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.


 
 

 

F-16V completes major capability milestone

The newest configuration of the F-16 Fighting Falcon, the F-16V, has reached a major capability milestone with the integration of a new Active Electronically Scanned Array radar. Completing this milestone on schedule demonstrates our ability to meet program commitments, said Roderick McLean, vice president and general manager of the F-16/F-22 Integrated Fighter Group at Lockheed...
 
 
Lockheed Martin photograph

Robots moving robots: Lockheed Martin conducts first fully autonomous mission

Lockheed Martin photograph A K-MAX unmanned helicopter delivers an SMSS unmanned ground vehicle during a fully autonomous mission demonstration at Fort Benning, Ga. A safety pilot was on board K-MAX but did not operate the cont...
 
 

Lockheed Martin introduces maritime test bed

Using a newly developed advanced maritime test bed, Lockheed Martin recently demonstrated how continually evolving technologies such as data fusion and predictive analytics can be used to share intelligence quickly and securely – even in limited bandwidth naval settings. This new software test platform, designed to mimic different naval environments at sea and ashore, allowed...
 

 

Aerojet Rocketdyne awarded defense contract for large scale additive manufacturing

Aerojet Rocketdyne was recently awarded a contract by Wright-Patterson Air Force Base, Ohio, through the Defense Production Act Title III Office for large-scale additive manufacturing development and demonstration. The contract will secure multiple large selective laser melting machines to develop liquid rocket engine applications for national security space launch services. Aerojet Rocketdyne ...
 
 

U.S. Navy to test, evaluate Lockheed Martin industrial exoskeletons

Lockheed Martin has received a contract through the National Center for Manufacturing Sciences for the U.S. Navy to evaluate and test two FORTIS exoskeletons. This marks the first procurement of Lockheed Martin’s exoskeletons for industrial use. Terms of the contract were not disclosed. The FORTIS exoskeleton is an unpowered, lightweight exoskeleton that increases an operator’s...
 
 
Northrop Grumman photograph by Alan Radecki

Northrop Grumman, Navy integrate manned, unmanned flight ops

https://www.youtube.com/watch?v=RqiOzO8yV4A&feature=youtu.be Northrop Grumman photograph by Alan Radecki The U.S. Navy’s unmanned X-47B conducts flight operations aboard the aircraft carrier USS Theodore Roosevelt (C...
 




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>