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Lockheed Martin (LMT) Tops Q3 Earnings & Sales Estimates

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Lockheed Martin Corporation (LMT - Free Report) is the largest U.S. defense contractor with a platform-centric focus that guarantees a steady inflow of follow-on orders from a leveraged presence in the Army, Air Force, Navy and IT programs.

Lockheed Martin’s cash and cash equivalents totaled $2.54 billion as of Sep 29, 2019 compared with $0.77 billion at the end of 2018.

Earnings Surprise History

Coming to the earnings surprise, Lockheed Martin Corporation has surpassed the Zacks Consensus Estimate in three of the last four quarters, resulting in a positive average surprise of 16.03%.

Zacks Rank: Currently, Lockheed Martin has a Zacks Rank #2 (Buy) but that could change following its third quarter 2019 earnings report which has just released. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

We have highlighted some of the key details from the just-released announcement below:

Earnings: Lockheed Martin beat earnings estimate. Earnings per share came in at $5.66, which surpassed the Zacks Consensus Estimate of $5.03 by 12.5%.

Sales: Sales of $15.17 billion also surpassed the Zacks Consensus Estimate of $14.98 billion by 1.3%.

Key Stats to Note: Lockheed Martin ended the third quarter (on Sep 29, 2019) with $137.4 billion in the backlog, up 0.5% from $136.7 billion at the end of second quarter 2019.

The company paid dividends worth $621 million to its shareholders in the third quarter compared with the year-ago figure of $569 million.

Stock Price:  Following the earnings release, share prices for the company slipped 2.7% in the pre-market trading session, thereby reflecting investors’ skepticism surrounding the earnings release.

Check back later for our full write up on this Lockheed Martin earnings report later!

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