Lockheed Martin Corporation reported $16.5 billion new sales for Q3 2020 above expected $16.2 billion, up from $15.2 billion of the comparable quarter of 2019, according to the press release. Net earnings from continuing operations were $1.8 billion or $ 6.25 per share, up from $1.6 billion or $5.66 per share in Q3 2019. Cash from operations declined from $2.5 billion in Q3 2019 to $1.9 billion in Q3 2020. Quarter earnings were driven by a dedicated workforce and resilience supply chain in supporting customers’ vital national security missions.
- Quarterly earnings boost Lockheed share buyback by $1.3 billion, representing 1.2% of market capitalization, and raises quarterly dividend by 8.3% to $ 2.60 from $2.60.
- Company raises FY20 diluted earnings per share from continuing operations to $24.45 versus $24.13 expected and higher than prior guidance of $23.75-24.05
- Company raises FY20 revenue to $65.3B versus $64.8 billion expected and higher than prior guidance of $63.5-65.0 billion.
- Guides initial FY21 revenue to be greater or equal to $67.0 billion and operating margin of 10.9% to 11.1%
Lockheed Martin stock is trading higher on earnings release. LMT: NYSE is up 0.73% on premarket.