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Lockheed Martin levels off
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January 28, 1999: 11:15 a.m. ET
Aerospace mainstay reports 4Q earnings of $308 million, matching estimates
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NEW YORK (CNNfn) - Lockheed Martin's fourth-quarter earnings declined, due partly to lagging sales in its space and strategic missiles segment, the company announced Thursday.
The Bethesda, Md.-based aerospace giant posted fourth-quarter earnings of $308 million, or 81 cents per diluted share, on revenue of $7.18 billion. The company earned $363 million, or 89 cents per diluted share, in the same quarter in 1997 on revenue of $7.89 billion.
Lockheed's earnings were in line with analysts' expectations, according to First Call.
"Overall sales and earnings growth were below our expectations, reflecting… performance issues as well as delays of commercial space launches and military aircraft deliveries from 1998 into 1999," said Vance Coffman, chairman of Lockheed Martin (LMT).
Including nonrecurring and unusual items, net earnings for the quarter ended Dec. 31 totaled $125 million, or 33 cents per diluted share, compared with $371 million, or 91 cents per diluted share, for the same quarter of 1997.
For all of 1998, the company earned $1.1 billion, or $3.11 per diluted share, on revenue of $26.27 billion. That's compared with 1997 earnings of $1.3 billion, or a $3.02 per diluted share, on revenue of $28.07 billion.
Shares of Lockheed Martin were up 3/4 to 37-15/16 in Thursday morning trading.
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Lockheed Martin
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