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Lockheed Martin lifts FY'19 profit guidance as Q3 EPS tops estimates

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Lockheed Martin lifts FY'19 profit guidance as Q3 EPS tops estimates

Lockheed Martin Corp. upgraded its full-year EPS guidance as it reported earnings for the third quarter that widely exceeded analysts' estimates.

The aerospace and defense company's net earnings rose to $1.61 billion in the third quarter from $1.47 billion in the prior-year period.

Third-quarter EPS increased 10.1% year over year to $5.66 from $5.14, topping the S&P Global Market Intelligence consensus GAAP EPS estimate of $5.03.

Consolidated operating profit came to $2.11 billion, up from $1.96 billion in the year-ago quarter.

Net sales climbed 6.0% year over year to $15.17 billion from $14.32 billion. The largest segment by revenue, the aeronautics business, recorded $6.18 billion in sales in the third quarter, up from $5.64 billion a year earlier.

Lockheed Martin raised its EPS forecast for 2019 to $21.55 from a previously estimated range of $20.85 to $21.15. Full-year net sales were projected to be at $59.10 billion, compared with a prior guidance range of $58.25 billion to $59.75 billion.

For 2020, Lockheed Martin expects net sales to increase to approximately $62.0 billion. Cash from operations is forecast to be at least $7.2 billion next year.

Lockheed Martin said the initial outlook for 2020 assumes that potential U.S. government actions on Turkey would not affect the company.