So far, only one defense company has reported results this quarter – Lockheed Martin Corp. (LMT Quick QuoteLMT - Free Report) – a sector behemoth which kick-started the earnings season on Jul 19. We expect a few other major defense contractors to reveal financial numbers in the upcoming weeks.

As of Jul 15, 10.1% of the market cap of the S&P 500 index had reported results. Reported results reveal a 3.9% decline in second-quarter earnings on 0.1% higher revenues. Overall, earnings are anticipated to record a 5.4% decline 5.4% on 0.5% lower revenues, with 9 of the 16 Zacks sectors witnessing growth in the negative territory. The picture should become clearer by the end of this week, as nearly 92 of the index members have their earnings releases lined up.

Notably, the aerospace and defense sector appears to be looking up, which is better than the overall Q2 forecast. Sector earnings are likely to improve 5.4% on a 1.4% increase in revenues. For more details on quarterly releases, you can go through our Earnings Trend report.

Let’s take a look at a couple of defense companies that are scheduled to report financial results shortly.

Rockwell Collins Inc. will report fiscal third-quarter fiscal 2016 earnings on Jul 25 before the opening bell.

On its fiscal second-quarter earnings call, the company had revealed its expectations of the overall business to return to growth in the to-be-reported quarter, especially an increase in earnings. Overall operating margin is expected to be flat sequentially. Nevertheless, management anticipates benefits from the tax planning strategies in the second half of fiscal 2016, as guided initially. These strategies, which include the utilization of capital loss forwarded from previous years, should benefit the company in to-be reported quarter. (Read more: Rockwell Collins Q3 Earnings: What's in the Cards?

Rockwell Collins has an Earnings ESP of +0.63% and a Zacks Rank #4 (Sell), which does not conclusively point toward a likely earnings beat this quarter.

Textron Inc. (TXT Quick QuoteTXT - Free Report) will report second-quarter 2016 earnings on Jul 22 before the opening bell.

On its first-quarter 2016 earnings call, the company had refrained from providing any guidance for the to-be-reported quarter. The company, however, did provide its outlook for the entire year. Textron expects revenues to witness solid growth at the Aviation, Industrial and Systems segments. Moreover, the company anticipates capital investments in research and development to remain flat in 2016. While this may hurt margins initially, it will eventually lead to more robust organic and bottom-line growth.

However, Textron also anticipates flattish growth at Bell Helicopter this year. Soft V-22 Osprey shipments and weakness in the global commercial helicopter market could hit segment revenues and dampen the top line in 2016.

Textron has an Earnings ESP of +0.00% and a Zacks Rank #4 (Sell), which does not conclusively indicate that the company will be able to beat earnings in the to-be-reported quarter.

Stay tuned! Check later for our full write-up on earnings releases of these stocks.

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