Article

2020-01-29 Economy

Lockheed Martin gets $2B boost from F-35 fighter jet

[FOX] Lockheed Martin delivered better-than-expected full-year results, sending shares higher ahead of the opening bell.

The Bethesda, Maryland-based defense contractor earned $6.2 billion in 2019, or $21.95 a share, as revenue rose 11.1 percent to $59.8 billion. About one-third of the sales jump was due to a $2 billion increase in revenue from the F-35 fighter, the most expensive weapons program in Department of Defense history. Lockheed delivered 134 F-35s in 2019, a 47 percent increase from a year earlier.

Wall Street analysts surveyed by Refinitiv were expecting full-year earnings of $21.86 a share on revenue of $59.2 billion.

"The corporation delivered outstanding performance throughout 2019, achieving exceptional sales growth, strong earnings, cash from operations, and a record backlog," CEO Marillyn Hewson said in a statement. Sales orders the company has yet to fill jumped 10 percent to $143.98 billion.

Looking ahead, Lockheed raised its full-year earnings forecast to $23.65 to $23.95 per share, missing the $24.30 that Wall Street had projected. Sales for 2020 are expected to be $62.75 billion to $64.25 billion, higher than the $62.55 billion that analysts were anticipating.

Posted by Besoeker 2020-01-29 00:00|| || Front Page|| [7 views ] Top

#1 As predicted earlier.

Posted by Skidmark 2020-01-29 07:48|| 2020-01-29 07:48|| Front Page Top

#2 I knew a person who had a retail store in NYC. Every year, her landlord told her that since she hadn't gone bankrupt, the rent wasn't high enough. That's the model...

Posted by M. Murcek 2020-01-29 08:17|| 2020-01-29 08:17|| Front Page Top

#3 *shrug* They delivered more product while paying for the same physical plant... So more money. Rocket science it ain't.

Posted by magpie 2020-01-29 10:16|| 2020-01-29 10:16|| Front Page Top

#4 If I get stuck like that at an auto repair shop, I've only got myself to blame for going back.

Posted by Besoeker 2020-01-29 10:31|| 2020-01-29 10:31|| Front Page Top

#5 B said it. Jeep stealership here wants to sell me a new vehicle. When my 11 year old, 180000 mile Liberty needs stuff that can be done by an independent shop, that's where I go.

Posted by M. Murcek 2020-01-29 15:59|| 2020-01-29 15:59|| Front Page Top

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