Lockheed Martin (LMT 474.59, +4.64, +1.0%): beats by $0.18, beats on revs; raises FY23 EPS in-line, revs above consensus
Lockheed Martin, the biggest U.S. defense contractor said sales rose 8.1% from a year earlier to $16.69 billion in the three-month period ended June 25. The consensus estimate was for $15.89 billion in sales.
Net earnings were $1.7 billion, or $6.63 a share, compared with $309 million, or $1.16 a share, a year earlier.
Earnings adjusted for one-time items such as investments that lost value were $6.73 a share, beating the consensus estimate of $6.45 a share.
“Orders highlights included F-35 Lot 17 and significant awards to ramp-up PAC-3, GMLRS, and other major programs, positioning us well for the future,” Jim Taiclet, chairman and CEO of Lockheed Martin, said in a statement. “We continued our dynamic and disciplined capital allocation in the quarter, with nearly two times free cash flow returned to shareholders.”
The company raised its full-year sales guidance to a range of $66.2 billion to $66.75 billion from a prior range of $65 billion to $66 billion in April.
Lockheed Martin (LMT) also lifted its full-year EPS guidance to a range of $27 to $27.20 from $26.60 to $26.90 previously.