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News > Companies
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Lockheed tops 3Q targets
graphic October 26, 2001: 8:54 a.m. ET

No. 1 defense contractor reports earnings, revenue above expectations.
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  • Lockheed beats 2Q on cost management - Jul. 26, 2001
  • Lockheed to trim $2.8B - Feb. 14, 2001
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  • Lockheed Martin
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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.

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    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. graphic

      RELATED STORIES

    Lockheed beats 2Q on cost management - Jul. 26, 2001

    Lockheed to trim $2.8B - Feb. 14, 2001

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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

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