Lockheed Martin raises full-year outlook after profit beat

REUTERS: U.S. weapons maker Lockheed Martin reported a better-than-expected third-quarter profit, helped by higher sales in its aeronautics unit which makes the F-35 fighter jet, and raised its full-year earnings forecast.

The U.S. defense sector has fared better compared with other industries amid a slump in demand due to the coronavirus crisis, as the government has continued to purchase weapons while also providing support to defense contractors to pay the salaries of highly skilled workers.Lockheed said deliveries of F-35 jets rose to 31 aircraft in the quarter ended Sept. 27, from 28 a year earlier.

The company said it now expects 2020 earnings per share of about US$24.45, compared with its previous forecast of between US$23.75 and US$24.05 per share. Lockheed also raised it full-year net sales outlook to US$65.25 billion, from US$63.5 billion to US$65 billion previously. Net earnings from continuing operations rose to US$1.75 billion, or US$6.25 per share, in the quarter, from US$1.61 billion, or US$5.66 per share, a year earlier.Analysts on average expected Lockheed to earn US$6.09 per share, according to IBES data from Refinitiv.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Founder-led firms outpacing CEO-led ones in market recoveryTechnology companies led by their founders have been the standout winners in share price performance and profit growth this year, beating ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Logitech reports 75per cent jump in quarterly sales, raises FY outlookREUTERS: Logitech International on Tuesday reported a surge in second-quarter revenue and net profit as the computer peripherals maker benefited ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Logitech reports 75% jump in quarterly sales, raises FY outlookCALIFORNIA: Logitech International on Tuesday (Oct 20) reported a surge in second-quarter revenue and net profit as the computer peripherals maker ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Zverev dominates Auger-Aliassime to win indoor title in CologneTop seed Alexander Zverev bagged his first ATP crown of the year after beating Canada's Felix Auger-Aliassime 6-3 6-3 to lift the bett1HULKS ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Tennis: Zverev dominates Auger-Aliassime to win indoor title in CologneTop seed Alexander Zverev bagged his first ATP crown of the year after beating Canada's Felix Auger-Aliassime 6-3 6-3 to lift the bett1HULKS ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

UBS posts doubling of third-quarter profit in Ermotti's swan songUBS on Tuesday posted a 99per cent jump in third-quarter profit on heavy turnover in global markets, helping the bank to a strong performance in ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »