Lockheed Martin Earnings: LMT Stock Gets a 3% Lift From Q2 Topper

Lockheed Martin (NYSE:LMT) earnings for the aerospace and defense company’s second quarter of 2020 have LMT stock heading higher on Tuesday. This comes after reporting diluted earnings per share of $5.79 on revenue of $16.22 billion. These are both better than Wall Street’s estimates of $5.72 per share and revenue of $15.23 billion.

A Lockheed Martin (LMT) Space Systems sign in Sunnyvale, California.

Source: Ken Wolter / Shutterstock.com

Here are some additional highlights from Lockheed Martin’s most recent earnings report.

  • Diluted per-share earnings are up 15.8% from the $5 reported in the same period of the year prior.
  • Revenue for the quarter is sitting 12.4% higher compared to $14.43 billion reported in Q2 2019.
  • Operating income of $2.09 billion is a 4% increase year-over-year from $2.01 billion.
  • The Lockheed Martin earnings report also includes a net income of $1.63 billion.
  • That’s a 14.8% jump from its net income of $1.42 billion from the same time last year.

James Taiclet, president and CEO of Lockheed Martin, said this about the earnings.

“I’m pleased to see continued strong operational and financial results this quarter as we remain focused on performing with excellence for our customers while protecting the well-being of our employees and keeping our supply chain strong during this global pandemic.”

Lockheed Martin also updates guidance for 2020 in its current earnings report. It’s expecting diluted EPS to range from $23.75 to $24.05 on revenue between $63.5 billion and $65 billion. For comparison, Wall Street is estimating diluted EPS of $24.17 on revenue of $63.45 billion for the year.

LMT stock was up 2.8% as of Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/07/lockheed-martin-earnings-boost-lmt-stock-up/.

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