Business

October 24, 2012

Lockheed Martin third quarter profit up, boost guidance

Lockheed Martin said Oct.2 4 its third-quarter net income rose 4 percent, as lower pension-related costs helped offset a drop in revenue.

The results beat Wall Street predictions and the Bethesda, Md.,-based aerospace and defense contractor also raised its full-year profit and revenue predictions.

Lockheed Martin earned $727 million, or $2.21 per share, in the three months ended Sept. 30. That compared with net income of $700 million, or $2.10 per share, in the same quarter last year.

The per-share results got a boost of 3 cents in the recent quarter from a 2 percent drop in the number of outstanding shares since last year.

Excluding $15 million in charges related to job cuts at its electronic business, the company posted an adjusted profit of $2.26 per share.

Revenue fell 2 percent to $11.87 billion from $12.12 billion last year.

Analysts, on average, expected a profit of $1.84 per share on $11.17 billion in revenue, according to FactSet.

Lockheed said pension-related costs reduced the recent quarter’s profit by an additional 39 cents per share, compared with 43 cents per share in the year-ago quarter.

Aeronautics sales fell 7 percent to $3.7 billion on lower sales of military aircraft, while sales of electronics systems rose 4 percent to $3.82 billion, on higher sales volumes of warfare, radar and missile defense systems.

Its information systems business sales slipped 1 percent to $2.29 billion, while space systems revenue dropped 5 percent to $2.06 billion.

The company boosted its full-year profit prediction to a range of $8.20 to $8.40 per share, up from its previous prediction of $7.90 to $8.10 per share. Analysts, on average, expect a profit of $8.10 per share, with estimates ranging from $7.96 to $8.30.

Lockheed also raised the lower end of its 2012 revenue prediction by $500 million, to a range of $45.5 billion to $46.5 billion. Analysts expect $45.69 billion, on average, with estimates ranging from $45.3 billion to $46.19 billion. AP

 




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


 
 

 
Boeing photograph

Boeing-upgraded French AWACS take flight

Boeing photograph A French AWACS aircraft patrols the skies as part of a routine mission. The French AWACS fleet is in the midst of the Mid-Life Upgrade that modernizes the capabilities on board. Initial operating capability of...
 
 
boeing-E4B

Boeing returns Air Force E-4B aircraft to service ahead of schedule

Boeing recently completed maintenance on a U.S. Air Force E-4B advanced airborne command post earlier than planned, enabling the Air Force to quickly return the vital aircraft to operational service. It was the first E-4B servi...
 
 
austal-launch

Austal launches Joint High Speed Vessel USNS Brunswick

Austal launched the recently christened USNS Brunswick (JHSV 6) at its state-of-the-art ship manufacturing facility in Mobile, Ala., May 19. With the 338-foot Joint High Speed Vessel entering the water for the first time, the s...
 

 

GE Aviation, Woodward combine fuel systems expertise for new joint venture

GE Aviation and Woodward, Inc. announced May 20 a strategic 50/50 joint venture for fuel systems for GE’s large commercial aircraft engine lines. The new joint venture will design, develop, source, supply and service the fuel system, including components from the fuel inlet up to the fuel nozzle, for the GE90, GEnx, GE9X and all...
 
 
raytheon-SDB

Small Diameter Bomb II program achieves Milestone C clearing the way for production

Raytheon and the U.S. Air Force successfully completed the Small Diameter Bomb II (SDB II) Milestone C decision briefing, paving the way for the program to enter low rate initial production. Unlike standard bombs, SDB II employ...
 
 

Boeing Business Jets announces two airplane orders

Boeing Business Jets announced May 18 two new orders at the European Business Aviation Convention & Exhibition in Geneva. Two undisclosed customers have selected a BBJ and a BBJ 787-8 Dreamliner. “We are pleased to have such a strong start to 2015, and we know that these two customers will love their airplanes and all...
 




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>