Lockheed Martin Beats Quarterly Estimates, Raises 2020 Outlook

Lockheed Martin Beats Quarterly Estimates, Raises 2020 Outlook

Shares of Lockheed Martin (LMT) rose 2.6% on Tuesday after the company’s quarterly sales and earnings beat analysts’ estimates. Its adjusted earnings of $6.13 per share jumped 22.6% year-over-year and came well ahead of analysts’ estimates of $5.72.

Its quarterly revenues increased 12.4% year-over-year to $16.2 billion and surpassed analysts’ estimates of $15.2 billion. The company said that all its business segments reported revenue growth. Meanwhile, new contracts and improved supply-chain had a favourable impact on sales and earnings.

Lockheed Martin raised its business outlook for 2020. The company now expects revenues to be $63.5-$65 billion, up from the previous guidance range of $62.25-$64 billion. Moreover, adjusted EPS is now projected to be $23.75-$24.05, higher than the previous guidance of $23.65-$23.95.



Vertical Research analyst Robert Stallard increased his price target on Lockheed Martin to $433 from $428 citing its “Double-digit sales growth and margins, a robust book to bill, and an increase to both the earnings and cash flow guidance.”

Overall, LMT analysts have a cautiously optimistic Moderate Buy consensus on the stock. The average analyst price target stands at $419.63, implying 11.9% upside potential. (See Lockheed Martin’s stock analysis on TipRanks).

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The post Lockheed Martin Beats Quarterly Estimates, Raises 2020 Outlook appeared first on TipRanks Financial Blog.

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