Lockheed Martin releases second quarter report

(Courtesy image)

Lockheed Martin on July 21 reported second-quarter net income of $1.63 billion.

On a per-share basis, the Bethesda, Md.,-based company said it had net income of $5.79. Earnings, adjusted for asset impairment costs, were $6.13 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $5.71 per share.

The aerospace and defense company posted revenue of $16.22 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $15.24 billion.

Lockheed expects full-year earnings to be $23.75 to $24.05 per share, with revenue in the range of $63.5 billion to $65 billion.

Lockheed shares have decreased 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 1 percent. The stock has risen roughly 3 percent in the last 12 months.

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