Security and aerospace company Lockheed Martin Corp. (LMT), while reporting weak earnings and higher net sales in its fourth quarter, issued forecast for fiscal 2023, expecting earnings below market estimates.
For 2023, the company expects earnings per share between around $26.60 and $26.90. On average, 23 analysts polled by Thomson Reuters expect earnings of $26.93 per share for the year. Analysts’ estimates typically exclude special items.
Adjusted business segment operating profit is expected between around $7.26 billion and $7.36 billion.
Net sales for the year are expected to be around $65 billion to $66 billion. Analysts expect sales of $65.74 billion for the year.
In fiscal 2022, net earnings were $5.7 billion or $21.66 per share on net sales of $65.98 billion.
In the fourth quarter, net earnings came in at $1.91 billion or $7.40 per share, down from $2.05 billion or $7.47 per share in last year’s fourth quarter.
Adjusted earnings were $2.01 billion or $7.79 per share for the period, compared to last year’s $1.98 billion or $7.22 per share.
Analysts expected the company to earn $7.39 per share for the quarter.
The company’s net sales for the quarter rose 7.1 percent to $18.99 billion from $17.73 billion last year. Analysts expected sales of $18.27 billion for the quarter.
In pre-market activity on the NYSE, Lockheed Martin shares were gaining around 1.2 percent to trade at $446.69.
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