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Lockheed Martin Tops Q2 Earnings Forecast, Lifts 2020 Financial Guidance

Lockheed Martin said its order backlog hit $150 billion at the end of the second quarter, and sees improving sales and profits between now and the end of the year.

Lockheed Martin  (LMT) - Get Report posted stronger-than-expected second quarter earnings Tuesday, and boosted its full-year profit forecast, even as it cautioned on the economic uncertainty surrounding the global coronavirus pandemic.

Lockheed Martin said earnings for the three months ending in June rose 15.8% from last year to $5.76 per share, just ahead of the Street consensus forecast of $5.72 per share. Group revenues, Lockheed said, rose 12.3% to $16.2 billion, again beating analysts' estimates of a $15.3. billion tally.

Looking into the second half of the year, Lockheed said it sees diluted earnings per share in the region of $23.75 to $24.05 per share on net sales of between $63.5 billion and $65 billion.

"I'm pleased to see continued strong operational and financial results this quarter as we remain focused on performing with excellence for our customers while protecting the well-being of our employees and keeping our supply chain strong during this global pandemic," said CEO James Taiclet.

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"Our dedicated Lockheed Martin team, and strong portfolio, coupled with supportive governmental actions have positioned us to deliver vital national security solutions for our country and international partners, and long-term value for our shareholders," he added.

Lockheed shares were marked 3.35% higher in early trading following the earnings release to change hands at $374.80 each, a move that would trim the stock's year-to-date decline to around 3.75%.

Lockheed Martin said its order backlog for the quarter ended in June was tabbed at $150.3 billion, an increase of around 9.5% from last year, and noted that it delivered 25 F-35 fighter jets to the U.S. military during the three month period, down from 29 over the second quarter of last year.