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 April 24, 2015

News: More than $1 billion in U.S. emergency reconstruction aid goes missing in Afghanistan - A total of $1.3 billion that the Pentagon shipped to its force commanders in Afghanistan between 2004 and 2014 for the most critical reconstruction projects can’t be accounted for by the Defense Department, 60 percent of all such spending under an...
 
 

News Briefs April 24, 2015

German defense minister: widely used rifle has no future A widely used assault rifle has “no future” with the German military in its current form, Germany’s defense minister said April 22, escalating a dispute over the weapon’s alleged shortcomings. Ursula von der Leyen said last month that a study showed the G36 rifle has a...
 
 
Army photograph

Composites key to tougher, lighter armaments

Army photograph XM-360 test firing at Aberdeen Proving Ground, Md., in 2007, is shown. The Army is on the cusp of revolutionizing materials that go into armament construction, making for stronger, lighter and more durable weapo...
 

 

Northrop Grumman signs long-term agreement with Raytheon

Northrop Grumman has entered a long-term agreement with Raytheon to supply its LN-200 Inertial Measurement Unit for Raytheon optical targeting systems. The long-term agreement with Raytheon’s Space and Airborne Systems business extends through 2018. The LN-200 provides camera stabilization on optical targeting systems that conduct long-range surveillance and target acquisition for various...
 
 

NTTR supports first F-35B integration into USMC’s weapons school exercise

The Nevada Test and Training Range was part of history April 21, when four U.S. Marine Corps-assigned F-35B Lightning IIs participated in its first Marine Corps’ Final Exercise of the Weapons and Tactics Instructor course on the NTTR’s ranges. The Final Exercise, or FINEX, is the capstone event to the U.S. Marine Corps Marine Aviation...
 
 
AAR-Textron

AAR awarded new contract from Bell Helicopter Textron to support T64 engines

AAR announced April 22 that Bell Helicopter Textron Inc. awarded its Defense Systems & Logistics business unit a contract providing warehouse and logistics services in support of upgrading T64 engines for the Bell V-280 Val...
 




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>