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Investing.com -- Lockheed Martin Corporation (NYSE:LMT) shares climbed 3% premarket on Tuesday after the defense contractor reported third-quarter earnings that exceeded analyst expectations and raised its full-year profit guidance, driven by strong demand for its defense systems.
The company reported third-quarter earnings of $6.95 per share, significantly beating the analyst estimate of $6.39. Revenue rose to $18.6 billion, up 8.8% YoY and slightly above the consensus estimate of $18.53 billion. The company’s performance was bolstered by increased production across multiple business segments, particularly in F-35 fighter jets and missile defense systems.
"Based on the effectiveness and reliability of our products and systems, strong demand from Lockheed Martin’s customers—both in the United States and among our allies—continues," said Lockheed Martin Chairman, President, and CEO Jim Taiclet. "As a result of this unprecedented demand, we are increasing production capacity significantly across a wide range of our lines of business."
The company’s backlog reached a record $179 billion, representing more than two and a half years of sales. Lockheed Martin has delivered a record 143 F-35 Lightning II jets through the end of the third quarter.
Lockheed’s Aeronautics segment, its largest division, saw sales increase 12% to $7.26 billion, primarily due to higher F-35 production and sustainment contracts. Missiles and Fire Control revenue jumped 14% to $3.62 billion, driven by production ramp-ups for tactical and strike missile programs.
Following the strong quarter, Lockheed raised its full-year earnings outlook to $22.15-$22.35 per share, up from its previous guidance of $21.70-$22.00 and above the analyst consensus of $21.85. The company lifted the lower end of its revenue forecast to $74.25-$74.75 billion from $73.75-$74.75 billion.
The board also increased the quarterly dividend by 5% to $3.45 per share and authorized an additional $2 billion for share repurchases, bringing the total authorization to $9.1 billion.