Lockheed Martin Notes Tax Impact, Beats Estimates -- Earnings Review

By FeaturesDow Jones Newswires

Lockheed Martin Corp. (LMT) reported fourth-quarter earnings Monday before the market opened. Here's what you need to know.

PROFIT: Lockheed said it lost $642 million in its latest quarter, or $2.25 per share, down from the same time a year before when it made $988 million, or $3.35 a share. On an adjusted basis, the company said it made $1.2 billion, or $4.30 a share, more than the $959 million, or $3.25 a share, it made the same period the year prior. Analysts polled by Thomson Reuters were expecting adjusted earnings per share of $4.07.

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TAX OVERHAUL: Because of expected effects of the new tax overhaul law, the company said it had a one-time fourth-quarter charge of $1.9 billion. The adjusted profit number excludes this estimate.

SALES: Net sales rose 10% to $15.14 billion. Aeronautics sales, the company's largest sales division, were $6 billion, 12% higher than the same period a year prior. But out of Lockheed's four segments, missiles and fire control sales rose the most on a percentage basis, increasing 31% to $2.29 billion. Space sales fell 12% to $2.45 billion. Analysts were expecting revenue of $14.73 billion.

DELIVERIES: Lockheed delivered more F-35s and C-130Js than it had during the same quarter a year ago, but deliveries of both F-16s and C-5s fell. Deliveries for government helicopter and international military helicopter programs both increased.

Shares rose 3.8% premarket, and in the past year have risen 36%.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

January 29, 2018 08:17 ET (13:17 GMT)

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