Lockheed Martin (LMT) - Get Lockheed Martin Corporation (LMT) Report posted modestly weaker-than-expected second quarter earnings Monday, but boosted its full-year profit forecast amid a rebound in sales in its key aeronautics division.
Lockheed Martin said earnings for the three months ending in June came in at $6.52 per share, up 6.3% from the same period last year and one penny shy of the Street consensus forecast. Group revenues, Lockheed Martin said, rose 5% to $17.03 billion, just ahead of analysts' estimates of a $16.94 billion tally.
The group said it sees 2021 sales of between $67.3 billion to $68.7 billion, a repeat of it prior forecast, with diluted earnings in the region of $26.70 to $27.00 per share, a figure that is about 30 cents higher at the top end of its previous estimate.
"In my first year leading our company, I'm proud of the extraordinary resolve demonstrated by our 114,000 team members to rise above the challenges of the pandemic in support of our customers, our nation and our allies. This is reflected in our solid sales growth across each business area this quarter," said CEO James Taiclet. "Our teams continue to deliver on key platform programs while also advancing technologies critical for 21st century deterrence and scientific discovery."
"And as a result, we are maintaining our prior guidance for full-year sales, segment operating profit, and cash from operations, while raising guidance for full-year EPS," he added.
Lockheed Martin shares were marked 3.2% lower in early trading immediately following the earnings release to change hands at $368.80
Lockheed Martin delivered 37 F-35 fighter jets over the three months ending in June, up 48% from last year and more than double the first quarter tally of 17. The boost helped lift aeronautics division revenues by 3% to $6.666 billion.