Aerospace and defense contractor Lockheed Martin topped Wall Street expectations with a 3 percent rise in the fourth-quarter profit — to $933 million — but space operations were flat for the period.
The companywide profit translated to earnings of $3.01 per share, up from per share earnings of $2.87 per share in final-quarter earnings a year earlier. Lockheed, which reported its year-end results Jan. 24, had been expected to post earnings from continuing operations of $3.05 per share for the latest quarter, according to a Thomson Reuters consensus.
Fourth-quarter revenue rose 3 percent to $12.92 billion, hitting the prerelease consensus forecast. Lockheed’s final three months often offer the year’s most robust international sales; looking ahead, analysts will watch for any sign of changed relations closer to home after the Washington regime change.
In the company’s Space Systems unit — one of five Lockheed business units — quarterly operating profit was flat at $288 million. That meant its annual operating profit dipped slightly, to $1.17 billion from $1.18 billion.
Companywide, Lockheed had a static bottom line for 2016 with $3.61 billion and a slight boost in 12-month revenue to $46.13 billion.
“The corporation completed a year of exceptional operational accomplishments for customers and financial returns to stockholders,” CEO Marillyn Hewson said.
Investors appeared unimpressed with the earnings news, as 2017 uncertainty drove down shares (NYSE: LMT) amid a positive broader market. The stock — which has a 52-week share price range of $200.47-$269.90 — closed off $4.57, or 1.7%, at $252.91 and slipped a bit further after hours.