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.


 
 

 

Headlines October 22, 2014

News: Northrop challenges 3DELRR contract award - Northrop Grumman has formally issued a protest against the US Air Force’s decision to award its next-generation ground based radar to competitor Raytheon.   Business: Defense firms prefer GOP, but spread campaign cash between political parties - For every campaign contribution from a major arms manufacturer to a Republican candidate...
 
 

News Briefs October 22, 2014

Military converges on scene of Kansas jet crash Military personnel are investigating at the site in southeast Kansas where an Oklahoma Air National Guard fighter jet crashed after a midair collision with another one during a training exercise. The F-16 crashed Oct. 20 in a pasture about three miles northeast of Moline, an Elk County...
 
 
Courtesy photograph

Upgrades ‘new normal’ for armor in uncertain budget environment

Courtesy photograph The current Paladin is severely under-powered and overweight so its speed of cross-country mobility is pretty restricted. The Paladin Integrated Management program is designed to address a number of these we...
 

 

ISR: A critical capability for 21st century warfare

The progressive adaptations and breakthroughs made in the intelligence, surveillance and reconnaissance arena have changed the way wars are fought, and the way commanders think about the battlespace. “Whether we have airmen exploiting full motion video data or serving downrange in the (Central Command) area of responsibility, these individuals make up an enterprise of 30,000...
 
 

Lockheed Martin teams with Roketsan of Turkey on new standoff missile for F-35

Roketsan and Lockheed Martin signed a teaming agreement Oct. 22 for collaboration on the SOM-J, a new generation air-to-surface Standoff Cruise Missile for the F-35 Lightning II. The SOM system is an autonomous, long-range, low-observable, all-weather, precision air-to-surface cruise missile. The SOM-J variant is tailored for internal carriage on the F-35 aircraft. The companies will...
 
 

Army Operating Concept expands definition of combined arms

The Army Operating Concept, published Oct. 7, expands the idea of joint combined-arms operations to include intergovernmental and special operations capabilities, said Gen. Herbert R. McMaster Jr. The new concept includes prevention and shaping operations at the strategic level across domains that include maritime, air, space and cyberspace, he said. It’s a “shift in emphasis,”...
 




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>