Lockheed Martin Q1 Profit Tops Expectations

Lockheed Martin Corporation LMT reported upbeat earnings for the first quarter on Tuesday. The Bethesda, Maryland-based company posted a quarterly profit of $878 million, or $2.74 per share, versus a year-ago profit of $933 million, or $2.87 per share. Its sales slipped to $10.11 billion from $10.65 billion. However, analysts were expecting earnings of $2.50 per share on revenue of $10.23 billion. Aeronautics' net sales dropped 7 percent year-over-year for the first quarter, while Information Systems & Global Solutions' net sales slipped 2 percent. Missiles and Fire Control's net sales fell 19 percent in the first quarter, while Mission Systems and Training's net sales gained 1 percent. Space Systems' net sales for the first quarter climbed 5 percent year-over-year. Cash from operations declined to $957 million in the first quarter, versus $2.1 billion in the year-ago quarter. During the quarter, the company repurchased 3.0 million shares for $604 million. The average estimate among 24 Estimize users was for earnings of $2.54 per share and revenue of $10.32 billion. "Our team continues to deliver solid performance for our customers and strong results for our shareholders," said Marillyn Hewson, Lockheed Martin Chairman, President and CEO. "We remain focused on successfully competing in the global marketplace and delivering industry-leading affordable products and technologies to our customers." For 2015, Lockheed Martin lifted its earnings forecast to $10.85 to $11.15 per share, versus earlier outlook of $10.80 to $11.10 per share. However, the company affirmed its sales forecast of $43.5 billion to $45 billion. Lockheed Martin shares rose 0.10 percent to $197.00 in pre-market trading.