Lockheed Martin’s stock gains after revenue beat, raised outlook

/ / News

Shares of Lockheed Martin Corp. rose 0.5% in premarket trading Tuesday, after the aerospace and defense contractor reported third-quarter revenue that rose above expectations and raised its full-year outlook. Net income rose to $1.70 billion, or $6.05 a share, from $1.61 billion, or $5.66 a share, in the year-ago period. The FactSet consensus for net EPS was $6.05. Excluding discontinued operations, EPS from continuing operations was $6.25. Sales rose 8.7% to $16.50 billion, above the FactSet consensus of $16.11 billion. Sales rose for all of the company’s business segments, with aeronautics, missiles and fire control and rotary and mission systems sales topping expectations while space sales came up a bit shy. For 2020, the company raised its outlook for EPS from continuing operations to approximately $24.45 from a range of $23.75 to $24.05 and lifted its sales outlook to approximately $65.25 billion from $63.50 billion to $65.50 billion. For 2021, the company expects sales to rise to “greater than or equal to $67 billion,” compared with the FactSet consensus of $68.07 billion. The stock has slipped 1.5% year to date through Monday, while the S&P 500 has gained 6.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.