Lockheed Martin posts profit, sees 2010 down |
| Reuters - Oct 20, 2009 |
Lockheed Martin Corp (LMT.N) posted better-than-expected quarterly profit aided by a lower tax rate and share count on Tuesday, but revenue missed Wall Street estimates and the defense contractor warned earnings would drop in 2010, sending its shares down more than 5 percent.
"It is difficult to find any positives" in the results, Goldman Sachs analyst Noah Poponak said in a note to clients. "Similar to last quarter's disappointment, we believe results indicate that the tides are changing in defense vs. the weaker-than-expected results being attributable to company- specific issues."
Wall Street is concerned that defense contractors will underperform as President Barack Obama curbs spending on traditional weapons systems. This year, Pentagon cancellations of programs such as the VH-71 presidential helicopter and the scale-back of some missile programs have hurt Lockheed's backlog.
Read Full Article from Reuters
- Posted: 2009-10-20 11:56:18
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