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The Zacks Analyst Blog Highlights: Lockheed Martin, Raytheon Technologies, Boeing, General Dynamics and Northrop Grumman
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For Immediate Release
Chicago, IL – November 3, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Lockheed Martin Corporation (LMT - Free Report) Raytheon Technologies Corporation (RTX - Free Report) , The Boeing Company (BA - Free Report) , General Dynamics Corporation (GD - Free Report) and Northrop Grumman Corporation (NOC - Free Report) .
Here are highlights from Tuesday’s Analyst Blog:
Defense Stock Roundup: Q3 Earnings Edition
In the past five trading sessions, some key defense players reported results, displaying a mixed quarterly performance. So, the overall impact of quarterly results on the bourses was not very impressive.
Consequently, the S&P 500 Aerospace & Defense (Industry) index rose a mere 0.4%, while the Dow Jones U.S. Aerospace & Defense index went down 1.3% in the trailing five trading sessions.
In the past week, Lockheed Martin, Raytheon Technologies, Boeing, General Dynamics and Northrop Grumman reported their Q3 results.
Recap of Past Week’s Important Stories
1. Lockheed Martin’s third-quarter 2021 adjusted earnings of $6.66 per share surpassed the Zacks Consensus Estimate by a whopping 239.8%. Its net sales amounted to $16,028 million, which lagged the Zacks Consensus Estimate by 6.6% and decreased 2.8% from the year-ago quarter.
Lockheed Martin ended the third quarter (on Sep 26, 2021) with $134.8 billion in backlog compared with $147.1 billion at the end of 2020.
The company’s cash and cash equivalents totaled $2.73 billion as of Sep 26, 2021, compared with $3.16 billion at the end of 2020. For 2021, Lockheed now expects to generate earnings per share worth $27.17, compared with $26.70-$27.00 projected earlier (read more: Lockheed Martin Q3 Earnings Top Estimates, Sales Down Y/Y).
2. Raytheon Technologies’ third-quarter adjusted earnings per share (EPS) of $1.26 outpaced the Zacks Consensus Estimate by 17.8% and improved 125% from the year-ago quarter’s figure. Its third-quarter sales of $16,213 million missed the Zacks Consensus Estimate by 1.7% but improved 9.9% from the year-ago quarter.
It had cash and cash equivalents of $7,476 million as of Sep 30, 2021, compared with $8,802 million as of Dec 31, 2020.
The company currently projects to generate adjusted EPS in the range of $4.10-$4.20, compared with the earlier guidance of $3.85-$4.00 in 2021 (read more: Raytheon Technologies Q3 Earnings Top, EPS View Up).
3. Boeing reported an adjusted loss of 60 cents per share for third-quarter 2021, much wider than the Zacks Consensus Estimate of a loss of 17 cents. The bottom line however improved significantly from the year-ago quarter’s loss of $1.39. Its revenues missed the Zacks Consensus Estimate by 6.6% but increased 8% from the year-ago quarter’s figure.
Backlog at the end of third-quarter 2021 was $367.1 billion, up from $363.5 billion at the end of second-quarter 2021.
4. General Dynamics’ third-quarter 2021 earnings from continuing operations of $3.07 per share beat the Zacks Consensus Estimate by 3.4% and improved 5.9% from the year-ago quarter. Its third-quarter revenues of $9,568 million missed the Zacks Consensus Estimate by 2.6% but grew 1.5% year over year.
The company recorded a total backlog of $88.1 billion, up 8.1% year over year.
At the end of third-quarter 2021, the company generated cash from operating activities of $2,589 million compared with $1,296 million generated in the year-ago period (read more: General Dynamics Q3 Earnings Top, Revenues Lag Estimates).
5. Northrop Grumman’s third-quarter 2021 earnings of $6.63 per share surpassed the Zacks Consensus Estimate by 11.8% and increased 13% from the year-ago quarter. Its total sales of $8,720 million missed the Zacks Consensus Estimate by 1.7% and decreased 4% from the year-ago quarter’s number.
Its backlog stood at $74.83 billion at the end of third-quarter 2021 compared with $81 billion at 2020-end.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights: Lockheed Martin, Raytheon Technologies, Boeing, General Dynamics and Northrop Grumman
For Immediate Release
Chicago, IL – November 3, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Lockheed Martin Corporation (LMT - Free Report) Raytheon Technologies Corporation (RTX - Free Report) , The Boeing Company (BA - Free Report) , General Dynamics Corporation (GD - Free Report) and Northrop Grumman Corporation (NOC - Free Report) .
Here are highlights from Tuesday’s Analyst Blog:
Defense Stock Roundup: Q3 Earnings Edition
In the past five trading sessions, some key defense players reported results, displaying a mixed quarterly performance. So, the overall impact of quarterly results on the bourses was not very impressive.
Consequently, the S&P 500 Aerospace & Defense (Industry) index rose a mere 0.4%, while the Dow Jones U.S. Aerospace & Defense index went down 1.3% in the trailing five trading sessions.
In the past week, Lockheed Martin, Raytheon Technologies, Boeing, General Dynamics and Northrop Grumman reported their Q3 results.
Recap of Past Week’s Important Stories
1. Lockheed Martin’s third-quarter 2021 adjusted earnings of $6.66 per share surpassed the Zacks Consensus Estimate by a whopping 239.8%. Its net sales amounted to $16,028 million, which lagged the Zacks Consensus Estimate by 6.6% and decreased 2.8% from the year-ago quarter.
Lockheed Martin ended the third quarter (on Sep 26, 2021) with $134.8 billion in backlog compared with $147.1 billion at the end of 2020.
The company’s cash and cash equivalents totaled $2.73 billion as of Sep 26, 2021, compared with $3.16 billion at the end of 2020. For 2021, Lockheed now expects to generate earnings per share worth $27.17, compared with $26.70-$27.00 projected earlier (read more: Lockheed Martin Q3 Earnings Top Estimates, Sales Down Y/Y).
2. Raytheon Technologies’ third-quarter adjusted earnings per share (EPS) of $1.26 outpaced the Zacks Consensus Estimate by 17.8% and improved 125% from the year-ago quarter’s figure. Its third-quarter sales of $16,213 million missed the Zacks Consensus Estimate by 1.7% but improved 9.9% from the year-ago quarter.
It had cash and cash equivalents of $7,476 million as of Sep 30, 2021, compared with $8,802 million as of Dec 31, 2020.
The company currently projects to generate adjusted EPS in the range of $4.10-$4.20, compared with the earlier guidance of $3.85-$4.00 in 2021 (read more: Raytheon Technologies Q3 Earnings Top, EPS View Up).
3. Boeing reported an adjusted loss of 60 cents per share for third-quarter 2021, much wider than the Zacks Consensus Estimate of a loss of 17 cents. The bottom line however improved significantly from the year-ago quarter’s loss of $1.39. Its revenues missed the Zacks Consensus Estimate by 6.6% but increased 8% from the year-ago quarter’s figure.
Backlog at the end of third-quarter 2021 was $367.1 billion, up from $363.5 billion at the end of second-quarter 2021.
Boeing’s operating cash outflow at the end of third-quarter 2021 was $4.13 billion compared with $14.40 billion at the end of third-quarter 2020 (read more: Boeing's Q3 Earnings Miss Estimates, Revenues Rise Y/Y).
4. General Dynamics’ third-quarter 2021 earnings from continuing operations of $3.07 per share beat the Zacks Consensus Estimate by 3.4% and improved 5.9% from the year-ago quarter. Its third-quarter revenues of $9,568 million missed the Zacks Consensus Estimate by 2.6% but grew 1.5% year over year.
The company recorded a total backlog of $88.1 billion, up 8.1% year over year.
At the end of third-quarter 2021, the company generated cash from operating activities of $2,589 million compared with $1,296 million generated in the year-ago period (read more: General Dynamics Q3 Earnings Top, Revenues Lag Estimates).
5. Northrop Grumman’s third-quarter 2021 earnings of $6.63 per share surpassed the Zacks Consensus Estimate by 11.8% and increased 13% from the year-ago quarter. Its total sales of $8,720 million missed the Zacks Consensus Estimate by 1.7% and decreased 4% from the year-ago quarter’s number.
Its backlog stood at $74.83 billion at the end of third-quarter 2021 compared with $81 billion at 2020-end.
Northrop’s 2021 earnings are currently projected to be in the range of $25.20-$25.60 per share, up from its prior guided range of $24.40-$24.80 (read more: Northrop Grumman Beats on Q3 Earnings, Ups 2021 EPS View).
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.