Lockheed Martin Rises 2% on Earnings Beat

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Lockheed Martin Corporation (NYSE: LMT) reported quarterly sales of $15.9 billion, compared to $14.4 billion for the same quarter last year. This was primarily driven from contracts with the Pentagon amidst rising geopolitical tensions with the Middle East.

The company reported that they delivered 135 F-35 fighter jets to the U.S. and its allies in 2019. Tensions with U.S. and Iran have accelerated defence purchases, driving revenues in the fourth quarter of 2019.

Net income rose to $1.5 billion the quarter ended December 31, 2019, compared to $1.3 billion in the same quarter last year.

Net sales in 2019 were $59.8 billion, compared to $53.8 billion in the same quarter last year. Net earnings in 2019, were $6.2 billion compared to $5.0 billion in the same quarter last year.

The company raised its revenue outlook in 2020 from $62.75 billion to $64.25 billion.

President and CEO, said in a statement, “The corporation delivered outstanding performance throughout 2019. Achieving exceptional sales growth, strong earnings, cash from operations, and a record backlog. As we look ahead to 2020, we remain focused on providing innovative global solutions for our customers, investing for growth across our portfolio, and generating long-term value for our shareholders.”

About Lockheed Martin Corporation

Lockheed Martin Corporation is an American global aerospace, defense, security, and advanced technologies company with worldwide interests. It was formed by the merger of Lockheed Corporation with Martin Marietta in March 1995. The company is headquartered in North Bethesda, Maryland.

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