Lockheed Lifts Guidance, Soars Past Estimates
NEW YORK (TheStreet) -- Lockheed Martin (LMT) raised guidance for the full year as it reported third-quarter earnings that flew above analysts' estimates.
For the third quarter, the aerospace technology company and defense contractor reported earnings of $665 million, or $1.99 a share, up 19% from $557 million, or $1.53 a share in the same period a year ago. Total sales were $12.12 billion, up 7% over the year-ago period.
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Analysts were expecting earnings of $1.81 per share on revenue of $11.74 billion.
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The company also raised profit guidance for the full-year 2011. Lockheed now expects earnings of $7.40 to $7.60 a share, up from its June estimate of $7.35 to $7.55 a share. In signs of strength in the sector, fellow defense contractor Northrop Grumman (NOC) also raised guidance for the year. -- Written by Carlton WilkinsonSelect the service that is right for you!
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