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Lockheed tops 3Q targets
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October 26, 2001: 8:54 a.m. ET
No. 1 defense contractor reports earnings, revenue above expectations.
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NEW YORK (CNNmoney) - Defense contractor Lockheed Martin Corp. Friday reported a gain in third-quarter profit and revenue that topped Wall Street expectations, and the company raised its full-year earnings guidance for 2001 and 2002.
The Bethesda, Md.-based company earned $178 million, or 41 cents a share, in the quarter, excluding special items. Analysts surveyed by earnings tracker First Call expected Lockheed to earn 37 cents a share, up from $115 million, or 28 cents, a year earlier. Revenue climbed to $6.38 billion from $5.96 billion a year earlier. First Call's forecast was for sales of $6.2 billion.
The company said earnings per share should grow 35 percent for 2001, which would be at the top end of its earlier guidance range and in line with current forecasts of $1.44, up from $1.07 a year earlier. In addition, it sees 2002 earnings gaining 20 percent, which would put it at $1.73. First Call's forecast is for $1.72 next year.
Including special items in the quarter, the company posted net income of $213 million, or 49 cents a share, compared with a net loss of $704 million, or $1.74 a share, in the year-earlier period, when the company took special charges related to various divestitures.
The report comes as the company and investors await word, due later in the day, on whether it will receive a jet fighter contract that could be worth $200 billion. The U.S. Defense Department is due to award the contract late Friday afternoon for the Joint Strike Fighter, a stealth jet fighter. Lockheed is seen as the likely winner in the competition, according to some analysts. Boeing Co. (BA: Research, Estimates) is Lockheed's competitor for the project.
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Shares of Lockheed (LMT: Research, Estimates) lost 80 cents to $48.90 Thursday. 
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