Lockheed Martin Beats Third-quarter Earnings Expectations

Lockheed Martin [S: LMT] shares rose 1% in premarket trade Tuesday after the company beat third-quarter earnings expectations. The company reported net earnings of $2.4 billion, or $7.93 per share, up from $865 million, or $2.77 per share in the year-earlier period. It reported adjusted earnings per share of $3.61, above the FactSet consensus of $2.89. It reported sales of $11.55 billion, up from $10.06 billion in the year-earlier period and above the FactSet consensus of $11.45 billion. It said it expects a 2016 EPS of $12.10 and sales of $46.5 billion, both adjusted for divested business. It expects its 2017 net sales to increase by 7%. Analysts surveyed by FactSet expect a 2016 EPS of $11.92 and revenue of $46.2 billion. Shares of Lockheed have fallen 9% in the past three months compared to the S&P 500's drop of 1%.