U.S. aerospace companies' earnings hit targets, drop bombs

Oct 24, 2012, 8:11 AM EDT
An F-35 Lightning II, also known as the Joint Strike Fighter (JSF), is seen as it arrives at Edwards Air Force Base in California in this May 2010 file photograph. U.S. defense and aerospace companies reported a mixed bag of earnings on Wednesday.
REUTERS/Tom Reynolds/Lockheed Martin Corp/Handout/Files

Lockheed Martin, the largest U.S. weapons maker, posted an 11% increase in third-quarter earnings, beating expectations by a wide margin, and raised its full-year forecast. Net earnings per share rose 11% to $2.21 in the third quarter, from $1.99 in the year-earlier period, but they fell from $2.38 in the second quarter. Revenue dropped 2% to $11.87 billion. Boeing also posted stronger-than-expected results for the third quarter on raised its forecast for the full year, as its defense business improved and commercial aircraft deliveries surged.The company said it earned $1.0 billion, or $1.35 a share, compared with $1.1 billion, $1.46 a share, a year ago. Revenue rose to $20.0 billion from $17.7 billion.
General Dynamics said its third-quarter earnings slid 8% as margins fell, missing analysts' forecasts. Net earnings fell to $600 million, or $1.70 per share, from $652 million, or $1.80 per share, a year earlier. Revenue rose 1% to $7.93 billion. Northrop Grumman reported a lower quarterly profit, mainly due to a $66 million fall in net pension income, but the company raised its full-year earnings forecast. Net earnings per share were $1.82 for the third quarter, down from $1.86 in the year-earlier quarter. Revenue fell to $6.27 billion in the quarter, compared with $6.61 billion a year earlier.