Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Lockheed Martin Corporations (LMT) quarterly earnings, reported on Tuesday, topped Wall Street estimates, supported by strong sales growth in aeronautics.

Lockheed Martin shares closed lower for a second consecutive trading session in New York on Tuesday. It has also been the steepest daily loss since October 11th. The stock went down 1.66% ($5.43) to $321.35, after touching an intraday low at $315.72, or a price level not seen since August 15th ($314.44).

Shares of Lockheed Martin Corporation have inched up 0.09% so far in 2018 compared with a 2.51% gain for the benchmark index, S&P 500 (SPX).

In 2017, Lockheed Martin’s stock surged 28.45%, thus, it outperformed the S&P 500, which registered a 19.42% return.

Lockheeds net sales were reported to have increased to $14.31 billion during the third quarter from $12.34 billion during the same period a year ago. The median analyst forecast had pointed to revenue of $13.0 billion.

Meanwhile, Lockheed Martins net income went up to $1.47 billion ($5.14 per share) during the third quarter from $963 million ($3.32 per share) in the year-ago period. In comparison, analysts on average had expected earnings of $4.30 per share.

“Our team achieved another quarter of strong growth leading us to improve our expectations for our full-year financial results,” Lockheeds Chairman, President and Chief Executive Marillyn Hewson said in a statement.

“As we look ahead to 2019, we remain focused on providing innovative, essential solutions to customers, and continuing to generate growth and long-term value for shareholders.”

As a result, the Pentagon’s largest weapons supplier revised up its full-year net sales forecast to $53 billion from a range of $51.6 billion to $53.1 billion, as expected previously.

The company also raised its full-year earnings forecast to $17.50 per share from a range of $16.75 to $17.05 per share, as expected previously.

According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Lockheed Martin’s stock price, have a median target of $375.00, with a high estimate of $412.00 and a low estimate of $327.00. The median estimate represents a 16.70% upside compared to the closing price of $321.35 on October 23rd.

The same media also reported that 11 out of 22 surveyed investment analysts had rated Lockheed Martin Corporation’s stock as “Buy”, while 10 – as “Hold”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Lockheed Martin Corporation (LMT) are presented as follows:

Central Pivot Point – $330.19
R1 – $335.35
R2 – $342.55
R3 – $347.71
R4 – $352.86

S1 – $322.99
S2 – $317.83
S3 – $310.63
S4 – $303.42

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News