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.


 
 

 

Raytheon acquires Tucson-based Sensintel, Inc.

Raytheon has acquired privately-held Sensintel, Inc., a leading provider of unmanned aircraft systems solutions to the intelligence and special operations markets. Located in Tucson, Ariz., with approximately 50 employees, Sensintel will become part of Raytheon Company’s Missile Systems business. The transaction is not expected to materially impact Raytheon’s sales or earnings in th...
 
 
Boeing photograph

Boeing Maritime Surveillance Aircraft ready for demonstration flights

Boeing photograph The Boeing Maritime Surveillance Aircraft program is ready for customer demonstration flights, having completed the baseline ground and flight testing of the aircraft mission systems. The Boeing Maritime Surve...
 
 

Pratt & Whitney concludes PurePowerÆ geared turbofan engine partnering

Pratt & Whitney and Kawasaki Heavy Industries Ltd. met recently to commemorate the signing of a risk and revenue-sharing collaboration agreement for KHI to provide key hardware modules for Pratt & Whitney’s PurePower Geared Turbofan engines. Pratt & Whitney is a division of United Technologies Corp. Pratt & Whitney currently has 10 worldwide GTF collaboration...
 

 

U.S. Navy approves F/A-18 Super Hornet IRST system for production

The F/A-18 Super Hornet infrared search and track system, developed and integrated by Boeing and Lockheed Martin, received approval from the U.S. Navy to enter low-rate initial production. The IRST system consists of Lockheed Martin’s IRST21 sensor, the GE Aviation FPU-13 Fuel Tank Assembly and the Meggitt Defense Industry Environmental Control unit. The system demonstrated...
 
 

DRS Technologies to upgrade electronic warfare E/A-18 mission for U.S., Australia

DRS Technologies Inc., a Finmeccanica Company,†announced Jan. 22 that it has been awarded access to an indefinite-delivery/indefinite-quantity contract for the production and delivery of up to 180 Joint Tactical Terminal-Receivers for U.S. Navy and Australian EA-18G aircraft. The contract is valued up to $12 million and will include JTT-R production engineering, test set racks, fixtures...
 
 

DRS Technologies’ groundbreaking laser designating gimbal completes first flight test

DRS Technologies Inc., a Finmeccanica Company, announced Jan. 21 that it successfully performed the first airborne demonstration of its GS205-XRZ laser designating gimbal. At less than six inches in diameter and weighing less than nine pounds, the GS205 is one of the smallest stabilized, light-weight and fully qualified targeting systems on the market. During its...
 




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>