Lockheed Martin’s sales come in 12.4% higher in the second quarter

on Jul 21, 2020
  • Lockheed Martin’s sales come in 12.4% higher in the second quarter.
  • The aerospace and defence firm raises its outlook for the full year.
  • Lockheed receives £11.80 billion in funding for future C-130J work.

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Lockheed Martin Corp (NYSE: LMT) released its quarterly financial results on Tuesday that topped analysts’ estimates for earnings and revenue in the second quarter. Following a stronger than expected earnings report, the aerospace and defence company also raised its outlook for the full year on Tuesday. Lockheed had also posted stronger than expected profit in the first quarter.

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Shares of the company were reported 3.7% up in premarket trading on Tuesday. At £292 per share, Lockheed Martin is currently about 7% down year to date in the stock market after recovering from an even lower £217.68 per share in late March when the impact of COVID-19 was at its peak. Learn more about the financial analysis of a company.

Lockheed Martin’s Q2 financial results versus analysts’ estimates

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The Bethesda-based company said that its net income came in at £1.28 billion in Q2 that translates to £4.55 per share. In the same quarter last year, Lockheed had reported a much lower £1.12 billion of net income or £3.93 per share.

In terms of sales, the company registered a year over year increase of 12.4% to £12.76 billion. According to FactSet, experts had forecast the company to print £11.98 billion of revenue in the second quarter and £4.50 of earnings per share. Lockheed said that its sales from all of its business segments came in stronger than expected in Q2.

Lockheed Martin’s full-year financial guidance

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For the full year, the American company said that it now forecasts its earnings per share to lie in the range of £18.68 to £18.91. For sales, Lockheed now estimates £49.94 billion to £51.12 billion in fiscal 2020. In its previous forecast, the company had expected £18.60 to £18.83 of EPS and £48.95 billion to £50.33 billion worth of sales for the full-year.

The advanced technologies company, however, warned that its annual financial guidance lacks certainty and may be disrupted if COVID-19 halts operations at its production facilities in the upcoming months. Lockheed Martin also announced to have received £11.80 billion in funding for future C-130J work earlier this week.

Lockheed Martin performed fairly upbeat in the stock market last year with an annual gain of a little under 15%. At the time of writing, the U.S. aerospace, defence, arms, and security company has a market capitalisation of £80.62 billion and a price to earnings ratio of 16.59.

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