Lockheed reports EPS far lower than expected, stock dives
An unexpected $1.6 billion charge compressed Q2 earnings at Lockheed Martin, causing profits to miss estimates by the proverbial mile.
The military aircraft maker reported non-GAAP Q2 earnings per share of $1.46, compared to the $6.57 that analysts expected. Charges including $950 million in costs tied to ironing out issues in a classified aeronautics program and a $570 million hit related to the procurement of its helicopters during the quarter were the prime culprits for the miss.
Fellow defense prime contractor Northrop Grumman is having a better day, beating analyst estimates on the top and bottom lines. The maker of strategic bombers and missiles beat sales expectations and raised its guidance for full-year profits on strong global weaponry demand.
Fellow defense prime contractor Northrop Grumman is having a better day, beating analyst estimates on the top and bottom lines. The maker of strategic bombers and missiles beat sales expectations and raised its guidance for full-year profits on strong global weaponry demand.
