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Lockheed beats Street
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October 26, 2000: 10:11 a.m. ET
Sees smaller than expected drop in 3Q profits; confirms targets for 2000, 2001
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NEW YORK (CNNfn) - Defense and aerospace contractor Lockheed Martin Corp. flew over third- quarter forecasts Thursday, although profits were well off year-earlier levels.
The company also confirmed full-year earnings guidance for 2000 and 2001.
Lockheed earned $115 million, or 28 cents a diluted share, excluding special items, during the latest quarter, down from $183 million, or 48 cents a diluted share on the same basis a year earlier.
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 LOCKHEED TOPS 3Q FORECASTS
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Defense and aerospace contractor Lockheed Martin Corp. posted a smaller than expected decline in third quarter earnings and said it is on track to meet profit targets for 2000 and 2001.
Earned 28 cents a share, excluding special items, vs. 24 cent EPS forecast.
Posted a $1.74 a share loss due to charges, special items.
Said it should earn $1.05 a share this year, $1.25 a share next year, excluding special items.
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The company had a number of special items in the latest period, primarily a $980 million after-tax charge for a loss on its aerospace electronics business it is in the process of selling to BAE Systems for $1.7 billion. Including special itmes the compay posted a net loss of $704 million, or $1.74 a diluted share, compared with net earnings of $217 million, or 57 cents a share, a year earlier.
Revenue slipped to $6.0 billion from $6.2 billion.
Lockheed said it is pleased with the results, which included gains in cash flow and a reduction in debt, and is confident it should earn $1.05 a share for the full year, excluding special items, as well as a 15 to 25 percent annual EPS growth rate it said should bring 2001 earnings to about $1.25 a share.
 For the first nine months, earnings excluding special items fell to $275 million, or 70 cents a share, from $348 million, or 91 cents a share, a year earlier. Including special items, the company posted a net loss of $608 million, or $1.54 a share, compared with net income of $89 million, or 23 cents a share, a year earlier. Year-to-date revenue fell 4 percent to $17.7 billion from $18.5 billion.
Bethesda, Md.-based Lockheed has been trimming divisions in an bid to reduce debt and increase profitability. Last week, Louis Hughes, its president and chief operating officer, announced he is leaving the company next Tuesday, citing personal and family reasons.
Shares of Lockheed (LMT: Research, Estimates) opened up 17 cents at $35.02 Thursday. 
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Lockheed president, COO quits, cites personal reasons - Oct. 19, 2000
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BAE gets Lockheed units? - July 13, 2000
Lockheed settles U.S. arms violation charges - June 14, 2000
BAE buys Lockheed unit - April 27, 2000
Lockheed beats the Street - April 25, 2000
Lockheed meets lowered 4Q mark - Jan. 28, 2000
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Lockheed Martin
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