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?
WASHINGTON (Reuters) -Lockheed Martin Corp dramatically lowered its sales expectations for this year and next on Tuesday, saying the COVID-19 pandemic has severely hobbled the top U.S. defense contractor's supply chain, sending its shares down more than 11%. Lockheed's chief financial officer said the problem worsened for them over the last two months, as the maker of the F-35 fighter jet lowered its 2021 revenue expectations by 2.5% to $67 billion and said next year's revenue could fall to $66 billion. Lockheed's poor outlook, just 66 days from year-end, came after it reassessed its five-year business plan "given recent external and programmatic events," Chief Executive Jim Taiclet said in the earnings report that dashed hopes the United States' largest arms maker could muscle its way through the pandemic.