Lockheed Martin Q3 Net Earnings Down, But EPS Up; Provides 2016 Outlook

(RTTNews) - Lockheed Martin (LMT) reported that its net earnings in the third quarter of 2015 were $865 million or $2.77 per share, compared to $888 million, or $2.76 per share, in the third quarter of 2014. Analysts polled by Thomson Reuters expected the company to report earnings of $2.72 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly net sales grew to $11.5 billion, from $11.1 billion in the third quarter of 2014. Wall Street expected revenues of $11.14 billion.

The company now expects 2015 earnings per share to be about $11.30, compared to prior outlook of $11.00 - $11.30 per share. It now expects 2015 net sales to be about $45.00 billion, compared to previous outlook of $43.50 billion - $45.00 billion. Wall Street currently is looking for fiscal year 2015 earnings of $11.38 per share on annual revenues of $44.82 billion.

The company expects its 2016 net sales will be comparable with 2015 and that total business segment operating margin will be in the 11.0 percent to 11.5 percent range. The Corporation also expects its 2016 cash from operations will be comparable with 2015. It's preliminary outlook for 2016 does not reflect any impacts from the ongoing strategic review or its pending acquisition of Sikorsky.

On September 24, 2015, the company increased its quarterly dividend 10 percent, or $0.15 per share, to $1.65 per share beginning with the payment to be made on Dec. 24, 2015 to stockholders of record as of the close of business on December 1, 2015.