Lockheed Martin Corp. (NYSE: LMT) released its first-quarter earnings report before the markets opened on Tuesday. The company said it had $2.58 in earnings per share (EPS) on $11.7 billion in revenue. That compares to consensus estimates from Thomson Reuters of $2.59 in EPS on revenue of $11.34 billion. In the same period of the previous year, it posted EPS of $2.74 and $10.11 billion in revenue.
In terms of guidance, the outlook for the 2016 full year changed only slightly from the previous levels. The company now expects full year EPS in the range of $11.50 to $11.80 and revenues in the range of $49.6 billion to $51.1 billion.
During the quarter, Lockheed Martin repurchased 2.4 million shares for $501 million and paid cash dividends of $533 million.
In terms of business segment performance, the company reported:
- Aeronautics had $3.80 billion in net sales with an operating profit of $420 million.
- Information Systems & Global Solutions had $1.33 billion in net sales with an operating profit of $109 million.
- Missiles and Fire Control had $1.43 billion in net sales with an operating profit of $221 million.
- Mission Systems and Training had $3.00 billion in net sales with an operating profit of $229 million.
- Space Systems had $2.13 billion in net sales with an operating profit of $244 million.
Marillyn Hewson, Lockheed Martin’s chairman, president and CEO, commented:
We achieved strong operational and financial results this quarter and took actions to further strengthen our competitive and strategic position in the market. We’re confident that these actions will increase value for both our customers and stockholders.
On the books, cash and cash equivalents totaled $1.45 billion at the end of the quarter, compared to $1.09 billion in the same period from last year.
Shares of Lockheed Martin traded up 1.4% at $229.46 on Tuesday, with a consensus analyst price target of $234.88 and a 52-week trading range of $181.91 to $228.12.
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