38.9 F
Fort Worth
Thursday, October 29, 2020
Technology Lockheed reports strong sales of F-35 in first quarter

Lockheed reports strong sales of F-35 in first quarter

Other News

A look at big issues on Supreme Court’s agenda

Some of the issues either already on the Supreme Court's docket when it begins its new session or likely to be before...

Wall Street posts solid gains after surge in corporate deals

By ALEX VEIGA and DAMIAN J. TROISE AP Business Writers Wall Street kicked off the week with a broad...

Tarrant County ranks low in work-from-home study by NAR

North Texas ranks pretty high in the “Work from Home” category, according to a just-released study by the National Association of Realtors....

Commentary: Universities and COVID-19: Charting turbulent times

Ray Perryman As the COVID-19 pandemic emerged this spring, college campuses across the United States swiftly sent students...

Lockheed Martin Corp. (LMT) on Tuesday reported first-quarter profit of $1.7 billion.

On a per-share basis, the Bethesda, Maryland-based company said it had profit of $5.99.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $4.29 per share.

The aerospace and defense company posted revenue of $14.34 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $12.65 billion.

Lockheed expects full-year earnings to be $20.05 to $20.35 per share, with revenue in the range of $56.75 billion to $58.25 billion.

Lockheed shares have risen 20 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 16 percent. The stock has dropped 11 percent in the last 12 months.

_____

“The corporation had strong performance in the first quarter which has allowed us to increase our full year financial guidance for sales, profit, earnings per share and cash,” said Lockheed Martin Chairman, President and CEO Marillyn Hewson. “Our differentiated portfolio and record backlog position us well for continued growth, and we remain focused on delivering innovative technologies and solutions for our customers, and long-term value creation for stockholders.”

Aeronautics’ net sales in the first quarter of 2019 increased $1.2 billion, or 27 percent, compared to the same period in 2018. The increase was primarily attributable to higher net sales of approximately $910 million for the F-35 program due to increased volume on production, sustainment and development programs; about $100 million for classified development activities due to higher volume; and about $70 million for the F-22 program due to higher volume on modernization and sustainment programs. The Aeronautics division is based in Fort Worth.

Aeronautics’ operating profit in the first quarter of 2019 increased $111 million, or 23 percent, compared to the same period in 2018. Operating profit increased approximately $105 million for the F-35 program due to increased volume on production contracts and higher risk retirements on production and sustainment programs. Adjustments not related to volume, including net profit booking rate adjustments and other matters, were comparable in the first quarter of 2019 to the same period in 2018.

Missiles and Fire Control segment’s net sales in the first quarter of 2019 increased $673 million, or 40 percent, compared to the same period in 2018. The increase was primarily attributable to higher net sales of approximately $295 million for tactical and strike missiles programs due to increased volume (primarily precision fires, classified programs and new hypersonic missile programs); about $220 million for integrated air and missile defense programs due to contract mix and increased volume (primarily Terminal High Altitude Area Defense (THAAD) and Patriot Advanced Capability-3 (PAC-3)); and about $140 million for sensors and global sustainment programs due to increased volume (primarily Apache and Special Operations Forces Global Logistics Support Services).

MFC’s operating profit in the first quarter of 2019 increased $156 million, or 60 percent, compared to the same period in 2018. Operating profit increased approximately $75 million for integrated air and missile defense programs due to contract mix, higher volume and higher risk retirements on international programs (primarily PAC-3 and THAAD); and about $55 million for tactical and strike missiles programs due to higher risk retirements and higher volume (primarily precision fires). Adjustments not related to volume, including net profit booking rate adjustments, were about $50 million higher in the first quarter of 2019 compared to the same period in 2018.

Latest News

2020 Dennis K. Stone Award Winner

Dr. Hubert Zajicek is the 2020 Dennis K. Stone Award, presented annually by Bio North Texas to an individual who has...

Lee Kun-Hee, force behind Samsung’s rise, dies at 78

By KIM TONG-HYUNG and HYUNG-JIN KIM Associated PressSEOUL, South Korea (AP) — Lee Kun-Hee, the ailing Samsung Electronics chairman who transformed the...

Profit, revenue slump at Union Pacific, but volume improves

By JOSH FUNK AP Business WriterOMAHA, Neb. (AP) — Union Pacific's profit and revenue slumped by double digits, though the volume of...

American, Southwest, Alaska add to airline loss parade in 3Q

By DAVID KOENIG AP Airlines Writer DALLAS (AP) — Airlines are piling up billions of dollars in additional losses...

Tesla posts net profit for fifth straight quarter

By TOM KRISHER AP Auto WriterDETROIT (AP) — Tesla charged through a summertime auto industry sales slump in the U.S. to post...