Aerospace and defense contractor Lockheed Martin posted a 17 percent profit slide despite a 5 percent increase in revenue, and operating profit in its Space Systems unit saw much stiffer drop from a year earlier.
The Bethesda, Md.-based company reported companywide net income from continuing operations of $939 million, or $3.24 per share. A consensus projection of analysts Thomson Reuters had pegged the quarter’s earnings at $3.26 per share.
Companywide revenue totaled $12.2 billion.
In its Space Systems unit, Lockheed’s quarterly revenue slid 1 percent to $2.2 billion, with operating profit off 51 percent at $218 million.
Chairman-CEO President Marillyn Hewson said the future looks bright for Lockheed, based on its flow of new orders.
“Our continued focus on operational performance and meeting our delivery commitments has enabled us (to) post a record backlog that supports long term growth,” Hewson said. “As we look ahead to 2018, we remain focused on delivering for our customers, investing in innovative solutions, and returning value to our shareholders.”
Three months ago, Lockheed posted a similar dip in second-quarter earnings from a year earlier.
Investors appeared disheartened by the latest downbeat results, with Lockheed shares (NYSE: LMT) closing down $7.5, or 2.3 percent, at $313.22.
On Sept. 22, Lockheed directors paid a quarterly dividend of $1.82 per share to shareholders of record Sept. 1.
Lockheed is a 50-50 joint venture partner with Boeing in United Launch Alliance, a key NASA contractor based in Centennial, Colo. Boeing is set to release third-quarter financial results Oct. 25.