:max_bytes(150000):strip_icc()/GettyImages-1764799420-2149f7638d8e49e99ef657fb26a1c791.jpg "Lockheed Martin Stock Sinks as F-35 Sales Decline Weighs on Revenue")
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-1764799420-2149f7638d8e49e99ef657fb26a1c791.jpg)
Key Takeaways
- Lockheed Martin missed revenue estimates as aerospace sales tumbled because of contractual and funding issues for its F-35 fighter jet.
- Still, the company revised its full-year profit outlook higher.
- Shares of Lockheed Martin fell from their all-time high set yesterday.
Lockheed Martin (LMT) shares tumbled Tuesday as the defense contractor missed revenue estimates on a drop in aerospace sales.
The company reported third-quarter revenue rose 1% year-over-year to $17.10 billion, while analysts surveyed by Visible Alpha were looking for $17.38 billion. Earnings per share (EPS) of $6.80 exceeded forecasts.
Lockheed’s Aeronautics unit sales declined 3% to $6.49 billion, primarily because of delays in contractual authorization and funding for the F-35 fighter jet. Sales at its Space division were down less than 1% to $3.08 billion. Missiles and Fire Control segment revenue jumped 8% to $3.18 billion, and Rotary and Mission Systems unit revenue was 6% higher at $4.37 billion.
Lockheed Raises FY EPS, Narrows Revenue Outlook
The company raised its full-year EPS outlook to $26.65 from a range of $26.10 to $26.60, and narrowed its revenue outlook to $71.25 billion from the previous $70.50 billion to $71.50 billion.
Shares of Lockheed Martin hit an all-time high yesterday, and even with today’s roughly 5% declines they’re up nearly 30% year-to-date.
TradingView