Shares of aerospace and defense company, Lockheed Martin Corp. (NYSE: LMT) were up in morning trading on Tuesday after the company reported adjusted earnings of $6.43 per share in the first quarter, beating analysts’ expectations of $6 per share.
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Net sales came in at $15.1 billion in Q1, up by 0.9% year-over-year versus consensus estimates of $15.04 billion.
Looking forward, the company reaffirmed its FY23 outlook with revenues expected to be in the range of around $65 billion to $66 billion versus consensus estimates of $65.7 billion. Diluted earnings are projected to be between $26.60 and $26.90 per share versus analysts’ estimates of $26.71.
Analysts are sidelined about LMT stock with a Hold consensus rating based on five Buys, nine Holds, and two Sells.
