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Lockheed Martin’s profit climbs 9% in Q3

Lockheed Martin’s profit climbs 9% in Q3

Mubasher: Lockheed Martin on Tuesday said that its net earnings climbed by 9% year-on-year in the third quarter of 2019, while its net sales rose by almost 6%.

The world’s biggest defence contractor said that its net earnings came in at $1.61 billion in Q3-19, compared with $1.47 billion in Q3-18, while diluted earnings per share (EPS) rose to $5.66 from $5.14 during the reported period.

Operating profit rose to $2.11 billion in the period between July and September, compared with $1.96 billion in the year-ago period.

Lockheed generated $15.17 billion in net sales during the three-month period ended last September, up from $14.32 billion in the same period last year.

Aeronautics sales grew by 10% to $6.18 billion mainly led by higher sales of around $480 million for the F-35 programme owing to increased volume on production, development and sustainment contracts.

The company’s cash from operations during the three-month period was $2.49 billion, compared with $361 million last year.

Missiles and fire control sales climbed by 14.4% to $2.6 billion, driven by precision fires and new hypersonic development programmes.

However, rotary and mission systems sales dropped by 4% to $3.71 billion, due to lower sales of around $160 million for Sikorsky helicopter programmes.

Looking ahead, Lockheed Martin expected its full-year net sales at $59.10 billion, after expecting a range from $58.25 billion to $59.75 billion in July.

The company also raised its diluted EPS outlook to $21.55, from a range from$20.85 to $21.15.