Investing.com – Lockheed Martin (NYSE:LMT) reported third quarter results on Tuesday that missed on both the top and bottom line.
The aerospace company reported earnings-per-share of $3.24, coming in below the consensus forecast for $3.27.
Revenue rose 5.4% from the same period a year ago to $12.7 billion, but still missed expectations for $12.83 billion.
“Our continued focus on operational performance and meeting our delivery commitments has enabled us to increase our financial guidance and post a record backlog that supports long term growth," Lockheed Martin chairman, president and CEO Marillyn Hewson said in the release.
“As we look ahead to 2018, we remain focused on delivering for our customers, investing in innovative solutions, and returning value to our shareholders,” she added.
Lockheed also gave a mixed reading on its forecast for 2017. While the estimate for net sales this year was increased to $50-$51.2 billion, from July’s outlook of $49.8-$51 billion, the firm cut its forecast for diluted EPS to $12.85-$13.15, from the prior $12.30-$12.60 range given in July.
Investors will now look ahead to the company’s conference call at 11:00AM ET (15:00GMT).
After the report, shares fell 1.32% to $316.50 in pre-market trade Tuesday.