Why Lockheed Martin Stock Is Losing Ground Today
Lockheed Martin (NYSE: LMT) beat on earnings but missed on revenue because of F-35 delivery delays, and narrowed its full-year guidance. Investors were underwhelmed by the news, sending Lockheed shares down 5% as of 10:30 a.m. ET.
Lockheed Martin, the world's largest defense contractor, earned $6.80 per share on sales of $17.1 billion in the third quarter. That's a mixed result relative to Wall Street's $6.50 per share on sales of a $17.4 billion consensus estimate.
Delivery delays with the F-35 aircraft resulted in a $400 million sales headwind in the quarter, but the company expects to make up at least some of that miss in the quarters to come. The company raised its full-year 2024 earnings forecast to $26.65 per share, from $26.10 to $26.60 per share. It now expects $71.25 billion in annual revenue, narrowing its prior projection for $70.5 billion to $71.5 billion.
Source Fool.com
