Lockheed Martin Corporation (NYSE:LMT) stock was down on Tuesday due to a weak outlook for 2017.
In its most recent earnings report, Lockheed Martin Corporation released its guidance for the full year of 2017. The company is expecting earnings per share to range from $12.25 to $12.55. However, Wall Street’s estimates for the company set earnings per share for 2017 at $12.87
Lockheed Martin Corporation’s revenue expectations are looking a little better than its earnings per share expectations. The company is looking for revenue to fall between $49.40 billion and $50.60 billion for the year. Analysts are estimating revenue of $49.59 billion in 2017.
The rest of Lockheed Martin Corporation’s earnings report went better than its guidance. LMT reported earnings per share of $3.25 for the fourth quarter of 2016. Earnings per share from the same time last year was $2.63. Wall Street was looking for earnings per share of $3.06 for the quarter.
Revenue reported by Lockheed Martin Corporation for the fourth quarter of 2016 was $13.75 billion. This is an increase over its revenue of $11.52 million from the fourth quarter of 2015. It also came in above analysts’ revenue estimate of $13.03 billion for the fourth quarter of the year.
Lockheed Martin Corporation reported net income of $959 million for the fourth quarter of 2016. The defense company reported net income of $817 million during the same period of the year prior.
“Looking ahead to 2017, we remain focused on meeting commitments to customers, pursuing new business growth opportunities, investing in innovative solutions to drive affordability and prepare for the future, and returning value to our shareholders,” said LMT Chairman, President, and CEO Marillyn Hewson.
LMT stock was down 1% as of Tuesday afternoon.
