Lockheed Martin Backs FY22 Outlook Below Market; Plans $14 Bln Addl. Share Buyback - Update

While reporting higher third-quarter results, Lockheed Martin Corp. (LMT) reiterated its fiscal 2022 outlook, below market estimates.

Further, the company announced up to an additional $14 billion in share repurchase authority. The company anticipates executing a $4.0 billion accelerated share repurchase program in the fourth quarter of 2022 bringing total share repurchases for the year to approximately $8.0 billion.

For fiscal 2022, the company continues to project earnings of about $21.55 per share, and business segment operating profit of $7.18 billion, on net sales of about $65.25 billion.

On average, 21 analysts polled by Thomson Reuters expect earnings of $21.67 per share on revenues of $65.29 billion for the year. Analysts' estimates typically exclude special items.

Lockheed Martin Chairman, President and CEO James Taiclet said, "Lockheed Martin delivered a solid quarter, highlighted by strength in free cash flow, orders, and operating margins, that positions us well to achieve our full-year commitments."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tyson Foods, Inc. (TSN) reported that its first quarter adjusted operating income declined 68% year-over-year. Adjusted operating margin was 3.4%, for the quarter. Both lower revenue and higher COGS in Beef and Pork drove the decrease in adjusted operating margin. The company said market dynamics... Baltimore, Maryland-based Fresh Ideation Food Group LLC is recalling certain sandwiches and other products sold under various brands, citing the potential to be contaminated with Listeria monocytogenes, the U.S. Food and Drug Administration said. The U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS has issued a public health alert for ready-to-eat or RTE stuffed chicken product citing that it may not be fully cooked due to underprocessing.
Follow RTT