Lockheed Martin (NYSE: LMT) — one of 30 companies listed on Executive Mosaic’s GovCon Index — has reported third quarter earnings of $2.77 per share, five cents higher than the consensus Wall Street estimate and one cent above EPS figures reported for the prior year period.
Profit declined 2.6 percent from the same quarter in 2014 to $888 millionÂ and third quarter 2015 revenue increased 3.2 percent from the prior period to $11.46 billion, which beatÂ the consensus estimate ofÂ $11.14 billion.
The company updated its full-year guidance toÂ $11.30 earnings per shareÂ and $45 billion in revenue andÂ both figures are at the top end of theÂ previous ranges of $11.00-$11.30 and $43.5Â billion-$45 billionÂ respectivelyÂ stated in July.
Wall Street estimates the company’s full-year 2015 earnings at $11.38 per share and revenue of $44.82 billion.
Lockheed expects its sales for 2016 to be comparable with 2015 figures.
The companyÂ outlooks for 2015 and 2016 do not include the plannedÂ separation of portions of itsÂ information systems and global solutions businessÂ and theÂ pending $9 billion acquisition of helicopter maker Sikorsky Aircraft from United Technologies Corp. (NYSE: UTX).
Lockheed intends to both release its future plan for the IS&GS segment and close the Sikorsky acquisition by the end of the year, CEO Marillyn Hewson told investors in a TuesdayÂ morning conference call.
Hewson told investorsÂ the company could carry out the separation of theÂ estimated $6 billion in IS&GS portions via a direct sale, spinoff to shareholders or through a Reverse Morris Trust transaction.
SheÂ also said the company is awaiting finalÂ regulatory approval for the Sikorsky transaction fromÂ China prior to the deal’s closure.
Third quarter 2015 salesÂ in Lockheed’s aeronautics segment roseÂ 10.6Â percent from the prior year periodÂ andÂ mission systems and training recorded a 7.3 percent increase from the same quarter in 2014.
Revenue in the IS&GSÂ segment declined 4.1 percent year-over-year and space systems by 5.1 percent from the prior year period.
Lockheed’s stock has risen 9.65Â percent since the start of the year and is up 22 percent for the last 12 months.