Three of the U.S.’ five largest government contractors and members of Executive Mosaic’s GovCon Index ushered in the latest round of earnings reports this week and went three-for-three against Wall Street’s forecasts..
Lockheed Martin kicked off third quarter earnings season Tuesday with earnings-per-share and revenue figures above analyst estimates and raised guidance to the top end of its prior outlook.
Chief Financial Officer Bruce Tanner subsequently outlined to investors the company’s potential future steps on the separation of some government information technology and services businesses.
“We’re looking at… a sale, a spin or a Reverse Morris Trust somewhere in probably the middle of next year to the third quarter of next year, ” Tanner said.
CEO Marillyn Hewson said the company expects to offer more details on such a transaction by the end of the year.
Boeing soared past analyst expectations in both earnings and revenue and also lifted its full-year guidance for both categories.
The company also posted a 6-percent jump in defense segment sales year-over-year.
Raytheon reported earnings and sales figures above Wall Street forecasts, raised its full-year revenue guidance and left the 2015 earnings outlook unchanged.
The GovCon Index has risen 2.11 percent to 74.836 for the week through Fridaymidday and investors with a particular interest in government contracting will digest more earnings reports next week from Northrop Grumman, General Dynamics and others.
THIS WEEK’S TOP NEWS STORIES