UPDATE: Lockheed Martin Shares Slide 2.6% As Sales Fall Slightly Short

Defense company Lockheed Martin Corp. said Tuesday it had net income of $763 million, or $2.61 a share, in the first quarter, down from $806 million, or $2.91 a share, in the year-earlier period. The number included charges that reduced earnings by 39 cents a share. Adjusted per share earnings of $2.61 included a 16 cents special charge, the company said. The FactSet consensus was for EPS of $2.79. Sales rose to $11.1 billion from $10.4 billion, just below the FactSet consensus of $11.2 billion. The company said it now expects full-year sales of $49.5 billion to $50.7 billion, compared with a prior forecast of $49.4 billion to $50.6 billion. It expects full-year EPS of $12.15 to $12.45 compared with a prior forecast of $12.25 to $12.55. Shares slid 2.6% premarket, but are up 10.5% in the year so far, while the S&P 500 has gained 6%.

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