Lockheed Martin Corporation (NYSE:LMT) revealed its third quarter earnings results on Tuesday 20th October 2020 before market open.
The security and aerospace developer, reported $ 6.05 income per share for the quarter, missed the consensus estimate of $ 6.09 income per share by $ 0.04 or 0.66 percent.
The quarterly earnings grew 6.89 percent compared with the same quarter last year.
Lockheed Martin Corporation had revenue of $ 16,495.00 million for the quarter, compared to the consensus estimate of $ 16116.60 million. The revenues outshined analysts estimates by $ 378.40 million or 2.35 percent.
The financial report showed revenues improved 8.73 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
James Taiclet, Lockheed Martin president and CEO, stated, In the third quarter, our dedicated workforce and resilient supply chain continued to support our customers vital national security missions, overcoming the challenges of the pandemic. As a result, we delivered strong results across our key financial metrics and we expect to build on this success through the remainder of the year. Looking ahead to 2021, we remain focused on driving innovation and growing our assets and capabilities to further benefit our customers and shareholders.
Moving forward, LMT revised revenue for 2020 from previous estimates range of $ 63500.00 million ~ $ 65000.00 million to a new range $ 65250.00 million ~ $ 65250.00 million.
At the same time, the company updates 2020 earnings estimate from the previous range of $ 23.75 ~ $ 24.05 per share to a new range $ 24.45 ~ $ 24.45 per share.Wall street analysts expected 2020 income of $ 24.17 per share on revenue of $ 64588.70 million.
Further, LMT announced revenue outlook for 2021 to a range of $ 67000.00 million ~ $ 67000.00 million, Wall street analysts expected 2021 income of $ 26.66 per share on revenue of $ 68013.90 million.
