Aerospace and defense contractor Lockheed Martin outpaced Wall Street expectations with its adjusted earnings in the fourth quarter, despite slipping into the red with its non-adjusted bottom line.
The Bethesda, Md.-based company reported $4.30 per share in quarterly earnings adjusted for non-recurring charges. That compared with a $4.06 per share consensus projection for the final quarter by Nasdaq analysts.
As for its actual fourth-quarter bottom line, a big one-time charge related to recent federal tax changes meant the final quarter amounted to a $642 million loss. That compared with a $988 million profit in the final quarter of 2016.
Lockheed (NYSE: LMT) reported a 20 percent rise in quarterly revenue, to $15.14 billion. Quarterly revenue included $231 million in sales by its space-related operations, down 9 percent from the year-earlier period.
On the year, overall company profit was chopped by more than half — to $2 billion, compared with $5.3 billion in 2016.
Annual sales rose 8 percent to $51.05 billion.
“We delivered outstanding performance as we closed 2017, which enabled us to end the year with strong sales growth,” CEO Marillyn Hewson said after the financial results were launched prior to market trading Jan. 29.
Lockheed shares gained 2 cents on the day to close at $351.44.