Lockheed Martin Corp. (NYSE: LMT) said on Tuesday that its revenue in the fiscal third quarter came in better than expected. On the back of its hawkish performance in Q3, the company also raised its guidance for the full year.
Shares of the company remained almost flat in premarket trading on Tuesday. But on market open, Lockheed Martin lost more than 2% to hit an intraday low of £289.82 per share. In comparison, it had started the year at a higher £308.63 per share but had slid to a year to date low of £213.91 per share in March due to COVID-19. Learn more about value investing strategy.
Lockheed’s Q3 financial results versus analysts’ estimates
Lockheed reported £1.31 billion of net income in the third quarter that translates to £4.68 per share. In Q3 of last year, it had recorded a lower £1.24 billion of net income or £4.37 per share. From continuing operations, the American company said, it earned £4.83 per share in the third quarter. According to FactSet, experts had also forecast £4.68 of per-share earnings for Lockheed in the recent quarter.
In terms of sales, the aerospace and defence contractor posted an 8.7% annualised growth in the third quarter to £12.75 billion. In the prior quarter (Q2), Lockheed Martin had registered a 12.4% year over year growth in sales.
FactSet Consensus for third-quarter sales stood at £12.45 billion. On a year over year basis, Lockheed added, sales from all business segments were in the green. Earlier this week, Lockheed Martin announced to have partnered with Aerojet for US MDA’s NGI contract.
Lockheed Martin’s guidance for the full year
For fiscal 2020, the Bethesda-based company raised its
