Lockheed Martin beats by $0.16, beats on revs; raises FY17 forecast, in-line (288.49)
- Reports Q2 (Jun) earnings of $3.23 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus of $3.07; revenues rose 9.6% year/year to $12.69 bln vs the $12.43 bln Capital IQ Consensus.
- Aeronautics' net sales in the second quarter of 2017 increased $850 million, or 19 percent, compared to the same period in 2016. The increase was primarily attributable to higher net sales of ~$525 million for the F-35 program due to increased volume on aircraft production and sustainment activities.
- MFC's net sales in the second quarter of 2017 decreased $43 million, or 3 percent, compared to the same period in 2016. The decrease was attributable to lower net sales of ~$120 million for air and missile defense programs due to lower deliveries on certain programs (primarily Patriot Advanced Capability (PAC-3)).
- Space Systems' net sales in the second quarter of 2017 increased $194 million, or 9 percent, compared to the same period in 2016. The increase was attributable to approximately $275 million due to net sales from AWE Management Limited (AWE), which the corporation began consolidating in the third quarter of 2016.
- Co issues in-line guidance for FY17, raises EPS to $12.30-12.60 from $12.15-12.45 vs. $12.51 Capital IQ Consensus; raises FY17 revs to $49.8-51.0 bln from $49.5-50.7 bln vs. $50.23 bln Capital IQ Consensus Estimate.