Lockheed Martin general manager in Archibald, Pa., Paul Cavaliere says his team has been ‘very successful’ at conducting business despite the pandemic, including meeting manufacturing demands and hiring new employees.
Lockheed Martin Corp. reported better-than-expected results that were boosted by its F-35 fighter jet and raised its outlook for the rest of the year.
Continue Reading Below
The Bethesda, Md.-based defense contractor earned $1.7 billion, or $6.25 per share, as revenue rose 8.7% to $16.5 billion. Wall Street analysts surveyed by Refinitiv were expecting earnings of $6.09 per share on revenue of $16.12 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LMT | LOCKHEED MARTIN CORPORATION | 383.71 | -2.79 | -0.72% |
“We delivered strong results across our key financial metrics and we expect to build on this success through the remainder of the year,” CEO James Taiclet said in a statement.
About 40% of sales were from the company’s aeronautics unit, which produces the F-35 fighter jet. The company delivered 31 F-35s during the three months through Sept. 27, up from 28 the previous year.
The company’s backlog reached a record $150.4 billion, almost $58 billion of which was tied to aeronautics.
Lockheed sees full-year 2020 earnings of $24.45 per share, up from its previous forecast of $23.75 to $24.05. Sales are expected to reach $65.25 billion, ahead of the $63.5 billion to $65 billion that was previously expected.
Looking ahead to 2021, revenue is anticipated to grow to at least $67 billion.
The company last month raised its quarterly dividend by 20 cents to $2.60 per share.
CLICK HERE TO READ MORE ON FOX BUSINESS
Lockheed shares were down 1.46% this year through Monday, lagging the S&P 500’s 6.07% gain.
