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Lockheed Martin fiscal Q3 profit falls YOY

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Lockheed Martin fiscal Q3 profit falls YOY

Lockheed Martin Corp. said its normalized net income for the fiscal third quarter ended Sept. 27 amounted to $2.57 per share, compared with the S&P Capital IQ consensus estimate of $2.72 per share.

In the prior-year period, the per-share result was a profit of $2.55.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $803.8 million, a decline from $819.4 million in the year-earlier period.

The normalized profit margin declined to 6.9% from 7.4% in the year-earlier period.

Total revenue climbed on an annual basis to $11.46 billion from $11.11 billion, and total operating expenses rose year over year to $10.14 billion from $9.81 billion.

Reported net income decreased from the prior-year period to $866.2 million, or $2.77 per share, from $888.2 million, or $2.76 per share.