Shares of defense industry giant Lockheed Martin (NYSE: LMT) tanked Tuesday morning, trading down by 12.1% as of 12:32 p.m. EDT even though the company reported a sizable earnings beat. Lockheed Martin's earnings plunged by 65% year over year to $2.21 per share in the third quarter -- a result that easily surpassed analysts' consensus projection for earnings of $1.97 per share. Without that charge, it would have earned nearly $7 a share and grown its earnings nearly 11% when calculated according to generally accepted accounting principles (GAAP).
Lockheed Martin (LMT)third-quarter 2021 adjusted earnings beat the Zacks Consensus Estimate by 240%. Net Sales decreased 2.8% from the year ago quarter.
Lockheed (LMT) delivered earnings and revenue surprises of 239.80% and -6.56%, respectively, for the quarter ended September 2021. Do the numbers hold clues to what lies ahead for the stock?