slid Tuesday after the defense company offered guidance for this year and next that failed to satisfy Wall Street.
Although Bethesda, Md.-based Lockheed raised its 2008 profit outlook by a dime to a range of $7.55 to $7.70 a share, the altered view still fell short of analysts' expectations for a profit of $7.75, according to Thomson Reuters. The company's view that revenue for the year should be between $41.9 billion and $42.9 billion was near the low end of expectations.
For 2009, Lockheed predicted earnings in a range of $7.65 to $7.90 a share on revenue of $44.25 billion to $45.25 billion. However, Wall Street is forecasting earnings of $8.39 a share on sales of $45.73 billion.
Lockheed's stock was lower by $4.72, or 5.1%, to $88.50.
The forecast was delivered alongside Lockheed's third-quarter results. The company said it earned $782 million, or $1.92 a share, in the quarter, up 2% from a year earlier. Sales fell 5% to $10.6 billion. Analysts were calling for Lockheed to make $1.89 a share on revenue of $10.7 billion.
Electronic systems, space systems, and information systems and global services were strong, but were offset by a loss in revenue from the company's aeronautics business.
Among other defense companies,
was off 2.3%,
was losing 1.8% and
was down 1.6%.