Lockheed Martin awarded $509.76M Air Force contract modification
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Yahoo
3 hours ago
- Yahoo
Lockheed Martin's Profit Falls Sharply Due to Special Charges
Lockheed Martin's quarterly profit was hit by more than $1.7 billion in charges during the second quarter. The defense company on Tuesday posted a profit of $342 million, down from $1.64 billion a year earlier. Quarterly earnings came in at $1.46 a share, well below the $6.52 a share that analysts surveyed by FactSet had expected. Morgan Stanley's Screening of Wealth-Management Clients Draws More Scrutiny Why Are Stocks Up? Nobody Knows Kohl's and Opendoor Headline a New Class of Meme Stocks Hershey Lifts Candy Prices, Citing High Cocoa Costs Musk Allies to Raise Up to $12 Billion for xAI Chips as Startup Burns Through Cash Chief Executive Jim Taiclet said Lockheed's ongoing program-review process identified new developments that caused the company to reevaluate its financial position on a set of major legacy programs. 'As a result, we are taking a number of charges this quarter to address these newly identified risks,' he said. The recent quarter was hurt by charges amounting to more than $1.7 billion, or $5.83 a share after tax. Charges for classified programs in the company's aeronautics segment totaled $950 million, while two charges for helicopter programs totaled $665 million. Write-offs related to the Air Force's next-generation fighter jet program came in at $66 million. Shares were recently trading 8.8% lower premarket at $420. Second-quarter sales were roughly flat at $18.16 billion. Wall Street had modeled sales of $18.57 billion. The company's aeronautics segment notched sales of $7.42 billion, up 2% from last year, while its missiles and fire-control unit logged sales of $3.43 billion, marking an 11% jump from a year earlier. Sales across the company's space unit rose 3.5%, to $3.31 billion. These gains were offset by Lockheed's rotary and mission-systems segment, where sales fell 12% to $4 billion. For the year, Lockheed backed its sales outlook of $73.75 billion to $74.75 billion, though it cut its per-share earnings outlook to between $21.70 and $22 from between $27 and $27.30. Analysts are looking for earnings of $27.36 a share on sales of $74.35 billion. Write to Connor Hart at Trump Expects $20 Million More in Ad Dollars From '60 Minutes' Settlement Silicon Valley's Favorite Podcast Is Now Hot in Washington Too Capital One Swings to Loss After Discover Financial Acquisition GM Profit Shrinks After $1.1 Billion Tariff Hit At the Fed's Banking Conference, Sam Altman, Capital Rules and Avoiding the Powell Drama Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
- Yahoo
Lockheed Martin Under Intense Wall Street Pressure On Mounting Program Risks, Q2 Woes
Lockheed Martin Corp. (NYSE:) faces growing pressure from Wall Street after delivering mixed second-quarter results and absorbing nearly $1.6 billion in charges across key segments. Goldman Sachs analyst Noah Poponak reiterated a Sell rating on Lockheed Martin and lowered his 12-month price forecast to $398 from $406. He pointed to ongoing problems that could hurt profits, reduce cash flow, and make future earnings less predictable. Poponak noted that the latest charges in classified Aeronautics and helicopter programs within Rotary and Mission Systems (RMS) reduce segment margin expectations and may drag free cash flow lower beyond also highlighted risks tied to NGAD program losses and uncertainty around future F-35 funding, both of which threaten a substantial share of Lockheed's earnings base. Despite continued demand in missile defense and other high-profile programs, Poponak believes Lockheed is entering a more challenging phase. He cut his 2025-2028 EPS estimates and lowered his 12-month price target to $398 from $406, while maintaining a target P/E multiple of 0.81x relative to the S&P 500. Other Analysts Also Turned Cautious Following The Results: Susquehanna's Charles Minervino maintained a Positive rating and lowered his price forecast from $550 to $490. RBC Capital's Ken Herbert kept a Sector Perform rating and cut his forecast from $480 to $440. Truist's Michael Ciarmoli downgraded the stock from Buy to Hold and reduced his forecast from $554 to $440. Baird's Peter Arment maintained an Outperform rating while trimming his forecast from $540 to $500. JP Morgan's Seth Seifman maintained an Overweight rating while lowering the price forecast from $520 to $465. Earnings Recap: Margins Hit by Legacy Program Charges Lockheed reported net sales of $18.16 billion, slightly missing estimates, while adjusted EPS of $7.29 beat the $6.63 consensus. However, GAAP earnings fell to $1.46 per share, down sharply from $6.63 a year ago due to charges related to cost overruns and schedule slippage in legacy programs. Operating margin collapsed to 4.1% from 11.9%, and free cash flow turned negative at $150 million. The company reaffirmed its 2025 sales guidance of $73.75 billion to $74.75 billion and free cash flow outlook of $6.6 billion to $6.8 billion, but lowered its GAAP EPS forecast to $21.70-$22.00, from $27+ previously. IRS Dispute and 'Golden Dome' Talks Adding to the pressure, Lockheed's CFO reportedly confirmed that the IRS is seeking $4.6 billion in additional income taxes. According to Reuters, the company is challenging the claim through the IRS Independent Office of Appeals and is prepared to pursue judicial action if necessary. Meanwhile, CEO James Taiclet confirmed discussions with U.S. officials over former President Trump's proposed $175 billion 'Golden Dome' missile shield. While no contracts have been awarded, Taiclet said Lockheed is 'all in' on the concept. Lockheed Martin reached a 52-week high of $618.95 on Oct. 21, 2024, and a 52-week low of $410.11 on July 22, 2025, the day after it reported second-quarter results, marking an approximate 34% decline from its peak. Price Action: At last check Wednesday, LMT shares were trading higher by 2.70% to $421.82. Read Next:Photo by JHVEPhoto via Shutterstock Latest Ratings for LMT Date Firm Action From To Mar 2022 Wells Fargo Maintains Equal-Weight Mar 2022 Morgan Stanley Maintains Overweight Feb 2022 Wolfe Research Upgrades Peer Perform Outperform View More Analyst Ratings for LMT View the Latest Analyst Ratings UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? LOCKHEED MARTIN (LMT): Free Stock Analysis Report This article Lockheed Martin Under Intense Wall Street Pressure On Mounting Program Risks, Q2 Woes originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
8 hours ago
- Associated Press
Securities Fraud Investigation Into Lockheed Martin Corporation (LMT) Announced – Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm
LOS ANGELES--(BUSINESS WIRE)--Jul 23, 2025-- Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Lockheed Martin Corporation ('Lockheed' or the 'Company') (NYSE: LMT ) investors concerning the Company's possible violations of the federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON LOCKHEED MARTIN CORPORATION (LMT), CLICKHERETO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. What Happened? On July 22, 2025, Lockheed released its second quarter 2025 financial results, reporting sharply lower second-quarter earnings, including $1.6 billion in program losses . The Company disclosed it was forced to recognize $950 million in losses related to its Aeronautics Classified program due to 'design, integration, and test challenges, as well as other performance issues' as well as 'significant changes to its processes and testing approach.' The Company also reported $570 million in losses on its Canadian Maritime Helicopter Program due in part to providing 'additional mission capabilities, enhanced logistical support, fleet life extension, and revised expectations regarding flight hours.' The Company further reported a $95 million charge related to its Turkish Utility Helicopter Program due to the 'current status of the program.' The Company stated it is in 'ongoing discussion' with its customers regarding a potential 'restructure' of certain contractual terms and conditions. On this news, Lockheed's stock price fell $49.84, or 10.8%, to close at $410.69 per share on July 22, 2025, thereby injuring investors. Contact Us To Participate or Learn More: If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us. Charles Linehan, Esq., Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles California 90067 Email: [email protected] Telephone: 310-201-9150 (Toll-Free: 888-773-9224) Visit our website at Follow us for updates on LinkedIn, Twitter, or Facebook. Whistleblower Notice Persons with non-public information regarding Lockheed should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected]. About Glancy Prongay & Murray LLP Glancy Prongay & Murray LLP ('GPM') is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. GPM has been consistently ranked in the Top 50 Securities Class Action Settlements by ISS Securities Class Action Services. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM's nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM's lawyers have handled cases covering a wide spectrum of corporate misconduct and relating to nearly all industries and sectors. GPM's past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. View source version on CONTACT: Contact Us: Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 Charles Linehan Email:[email protected] Telephone: 310-201-9150 Toll-Free: 888-773-9224 Visit our website at: KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL SOURCE: Glancy Prongay & Murray LLP Copyright Business Wire 2025. PUB: 07/23/2025 11:00 AM/DISC: 07/23/2025 11:01 AM
