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The Zacks Analyst Blog Highlights: Textron, Lockheed Martin, Boeing, United Technologies and Northrop Grumman
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For Immediate Release
Chicago, IL – April 26, 2019 – 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: Textron Inc. (TXT - Free Report) , Lockheed Martin Corp. (LMT - Free Report) , The Boeing Company (BA - Free Report) , United Technologies, Corp. , Northrop Grumman Corp. (NOC - Free Report) .
Here are highlights from Thursday’s Analyst Blog:
Defense Stock Roundup: TXT, LMT, BA & More
Following impressive Q1 numbers, the major indices of the Aerospace-Defense space ended in the green over the trailing five trading sessions. Notably, the S&P 500 Aerospace & Defense (Industry) and the Dow Jones U.S. Aerospace & Defense index gained 2% in the aforementioned time period.
Among the past week’s highlights, quarterly results from a number of Aerospace-Defense majors namely, Textron Inc., Lockheed Martin Corp., The Boeing Company, United Technologies, Corp., Northrop Grumman Corp., among others, remained a key area of investors’ focus.
Recap of Past Week’s Important Stories
1. Textron reported first-quarter 2019 earnings from continuing operations of 76 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 8.6%. The bottom line also increased 5.6% year over year. Total revenues of $3,109 million missed the Zacks Consensus Estimate of $3,216 million by 3.3%. Cash outflow from operating activities amounted to $196 million at the end of the first quarter of 2019 compared with $53 million at the end of the prior-year period.
At the end of the first quarter, order backlog at the company’s Bell segment’s totaled $6.3 billion, up $0.5 billion from the figure registered in the preceding quarter (read more: Textron's Q1 Earnings Beat, Revenues Miss Estimates).
2. Lockheed Martin’s first-quarter 2019 earnings of $5.99 per share outpaced the Zacks Consensus Estimate of $4.29 by 39.6%. The bottom line also improved 49% year over year. The company’s net sales amounted to $14.34 billion, which exceeded the Zacks Consensus Estimate of $12.65 billion.
Notably, Lockheed Martin ended the first quarter (on Mar 31, 2019) with $133.5 billion in backlog, up 2.3% from $130.5 billion at the end of 2018. Its cash from operations at the end of first-quarter 2019 amounted to $1.66 billion compared with $0.63 billion a year ago.
Furthermore, the company paid dividends worth $638 million to its shareholders compared with the year-ago figure of $586 million. Lockheed Martin’s earnings per share for 2019 are currently anticipated to be in the $20.05-$20.35 range, higher than $19.15-$19.45 guided earlier (read more: Lockheed Martin Beats on Q1 Earnings, Raises '19 View).
3. Boeing reported adjusted earnings of $3.16 per share for first-quarter 2019, which outshined the Zacks Consensus Estimate of $3.11 by 1.6%. The bottom line, however, reflected a year-over-year decline of 13%. Revenues amounted to $22.92 billion, which trumped the Zacks Consensus Estimate of $22.26 billion.
Backlog at the end of first quarter 2019 slipped to $487 billion from $490.48 billion at the end of 2018. Additionally, Boeing delivered 149 commercial planes during the quarter under review, down 19%.
It exited the first quarter with cash and cash equivalents of $6.84 billion, and short-term and other investments of $0.89 billion. Boeing generated $2.79 billion of operating cash flow at the end of the reported quarter, down 11.1% year over year (read more: Boeing Q1 Earnings Top, Down Y/Y on Lower 737 Deliveries).
4. United Technologies’ first-quarter 2019 adjusted earnings came in at $1.91 per share, surpassing the Zacks Consensus Estimate of $1.75. Revenues totaled $18,365 million, which increased 20.5% year over year and also exceeded the consensus estimate of $18,068 million.
The company exited the first quarter with cash and cash equivalents of $6,240 million, up from $6,152 million as of Dec 31, 2018. Moreover, United Technologies generated net cash of $1,500 million from operating activities, significantly up from $453 million recorded a year ago.
5. Northrop Grumman reported earnings of $5.06 per share in first-quarter 2019, which surpassed the Zacks Consensus Estimate of $4.59 by 10.2%. The bottom line also increased 5.6% year over year. Meanwhile, total sales of $8,189 million missed the Zacks Consensus Estimate of $8,316 million by 1.5%.
Northrop Grumman’s cash and cash equivalents as of Mar 31, 2019, were $755 million, down from $1,579 million as of Dec 31, 2018.
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 http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights: Textron, Lockheed Martin, Boeing, United Technologies and Northrop Grumman
For Immediate Release
Chicago, IL – April 26, 2019 – 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: Textron Inc. (TXT - Free Report) , Lockheed Martin Corp. (LMT - Free Report) , The Boeing Company (BA - Free Report) , United Technologies, Corp. , Northrop Grumman Corp. (NOC - Free Report) .
Here are highlights from Thursday’s Analyst Blog:
Defense Stock Roundup: TXT, LMT, BA & More
Following impressive Q1 numbers, the major indices of the Aerospace-Defense space ended in the green over the trailing five trading sessions. Notably, the S&P 500 Aerospace & Defense (Industry) and the Dow Jones U.S. Aerospace & Defense index gained 2% in the aforementioned time period.
Among the past week’s highlights, quarterly results from a number of Aerospace-Defense majors namely, Textron Inc., Lockheed Martin Corp., The Boeing Company, United Technologies, Corp., Northrop Grumman Corp., among others, remained a key area of investors’ focus.
Recap of Past Week’s Important Stories
1. Textron reported first-quarter 2019 earnings from continuing operations of 76 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 8.6%. The bottom line also increased 5.6% year over year. Total revenues of $3,109 million missed the Zacks Consensus Estimate of $3,216 million by 3.3%. Cash outflow from operating activities amounted to $196 million at the end of the first quarter of 2019 compared with $53 million at the end of the prior-year period.
At the end of the first quarter, order backlog at the company’s Bell segment’s totaled $6.3 billion, up $0.5 billion from the figure registered in the preceding quarter (read more: Textron's Q1 Earnings Beat, Revenues Miss Estimates).
2. Lockheed Martin’s first-quarter 2019 earnings of $5.99 per share outpaced the Zacks Consensus Estimate of $4.29 by 39.6%. The bottom line also improved 49% year over year. The company’s net sales amounted to $14.34 billion, which exceeded the Zacks Consensus Estimate of $12.65 billion.
Notably, Lockheed Martin ended the first quarter (on Mar 31, 2019) with $133.5 billion in backlog, up 2.3% from $130.5 billion at the end of 2018. Its cash from operations at the end of first-quarter 2019 amounted to $1.66 billion compared with $0.63 billion a year ago.
Furthermore, the company paid dividends worth $638 million to its shareholders compared with the year-ago figure of $586 million. Lockheed Martin’s earnings per share for 2019 are currently anticipated to be in the $20.05-$20.35 range, higher than $19.15-$19.45 guided earlier (read more: Lockheed Martin Beats on Q1 Earnings, Raises '19 View).
3. Boeing reported adjusted earnings of $3.16 per share for first-quarter 2019, which outshined the Zacks Consensus Estimate of $3.11 by 1.6%. The bottom line, however, reflected a year-over-year decline of 13%. Revenues amounted to $22.92 billion, which trumped the Zacks Consensus Estimate of $22.26 billion.
Backlog at the end of first quarter 2019 slipped to $487 billion from $490.48 billion at the end of 2018. Additionally, Boeing delivered 149 commercial planes during the quarter under review, down 19%.
It exited the first quarter with cash and cash equivalents of $6.84 billion, and short-term and other investments of $0.89 billion. Boeing generated $2.79 billion of operating cash flow at the end of the reported quarter, down 11.1% year over year (read more: Boeing Q1 Earnings Top, Down Y/Y on Lower 737 Deliveries).
4. United Technologies’ first-quarter 2019 adjusted earnings came in at $1.91 per share, surpassing the Zacks Consensus Estimate of $1.75. Revenues totaled $18,365 million, which increased 20.5% year over year and also exceeded the consensus estimate of $18,068 million.
The company exited the first quarter with cash and cash equivalents of $6,240 million, up from $6,152 million as of Dec 31, 2018. Moreover, United Technologies generated net cash of $1,500 million from operating activities, significantly up from $453 million recorded a year ago.
For 2019, United Technologies revised its earnings view to $7.80-$8.00 per share from $7.70-$8.00 projected earlier (read more: United Technologies Q1 Earnings Top, EPS View Revised).
5. Northrop Grumman reported earnings of $5.06 per share in first-quarter 2019, which surpassed the Zacks Consensus Estimate of $4.59 by 10.2%. The bottom line also increased 5.6% year over year. Meanwhile, total sales of $8,189 million missed the Zacks Consensus Estimate of $8,316 million by 1.5%.
Northrop Grumman’s cash and cash equivalents as of Mar 31, 2019, were $755 million, down from $1,579 million as of Dec 31, 2018.
For 2019, Northrop Grumman raised its earnings expectations from the range of $18.5-$19 to $18.90-$19.30 per share (read more: Northrop Grumman Beats on Q1 Earnings, Ups '19 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 http://www.zacks.com/performance for information about the performance numbers displayed in this press release.