Lockheed Martin Stock Sinks as F-35 Sales Decline Weighs on Revenue

Related Articles

Watch These Eli Lilly Price Levels as Stock Slumps on Tepid Sales Outlook

GE Vernova Stock Surges as BofA Boosts Price Target Ahead of Earnings

S&P 500 Gains and Losses Today: Eli Lilly Stock Falls as Sales Outlook Weakens

Key Takeaways

• Lockheed Martin missed revenue estimates as aerospace sales tumbled because of contractual and funding disseminates 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 merry set yesterday.

Lockheed Martin (LMT) shares tumbled Tuesday as the defense contractor missed revenue estimates on a drop in aerospace exchanges.

The company reported third-quarter revenue rose 1% year-over-year to $17.10 billion, while analysts surveyed by Conspicuous Alpha were looking for $17.38 billion. Earnings per share (EPS) of $6.80 exceeded forecasts.

Lockheed’s Aeronautics entity sales declined 3% to $6.49 billion, primarily because of delays in contractual authorization and funding for the F-35 fighter jet. Transaction marked downs at its Space division were down less than 1% to $3.08 billion. Missiles and Fire Control slice revenue jumped 8% to $3.18 billion, and Rotary and Mission Systems unit revenue was 6% higher at $4.37 billion.

Lockheed Rallies 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 interest outlook to $71.25 billion from the previous $70.50 billion to $71.50 billion. 

Shares of Lockheed Martin hit an all-time height yesterday, and even with today’s roughly 5% declines they’re up nearly 30% year-to-date.

Assume from the original article on Investopedia.