Lockheed Martin beats by $0.16, beats on revs; guides FY15 EPS below consensus, revs in-line
Reports Q4 (Dec) earnings ex items of $3.01 per share, $0.16 better than the Capital IQ Consensus Estimate of $2.85; revenues rose 8.6% year/year to $12.53 bln vs the $11.9 bln consensus.
- Co reported fourth quarter 2014 net sales of $12.5 billion compared to $11.5 billion in the fourth quarter of 2013. Net earnings from continuing operations in the fourth quarter of 2014 were $904 million, or $2.82 per diluted share, compared to $488 million, or $1.50 per diluted share, in the fourth quarter of 2013.
- Fourth quarter 2014 net earnings from continuing operations included a special charge for a non-cash goodwill impairment of $119 million, which decreased net earnings by $107 million, or $0.33 per diluted share, partially offset by a decrease in income tax expense due to the retroactive reinstatement of the U.S. research and development tax credit for 2014, which increased earnings $45 million, or $0.14 per diluted share
- Co issues guidance for FY15, sees EPS of $10.80-11.10 vs. $11.49 Capital IQ Consensus Estimate; sees FY15 revs of $43.5-45.0 bln vs. $44.33 bln Capital IQ Consensus Estimate.