WASHINGTON – Defense industry giants, Boeing, Lockheed Martin, Northrop Grumman, and General Dynamics posted third-quarter earnings this week. Raytheon is due to report quarterly earnings on Thursday.
Here’s a look at how they did …
The world’s largest plane manufacturer beat on earnings and raised its full-year guidance on Wednesday. Boeing posted per-share earnings of $2.72 versus $2.66 expected on Wall Street. What’s more, the aerospace giant succeeded revenue expectations with $24.3 billion versus $23.9 billion.
Boeing raised its full-year earnings between $11.20 to $11.40, which is a 10 cent increase from its previous range of $11.10 to $11.30.
Even with better-than-expected quarterly profit, forecasts are clipped due to delays in Boeing’s KC-46 aerial refueling tanker for the US Air Force. The plane remains in testing and is expected to cost an additional $329 million.
Meanwhile, Boeing continues work on the next fleet of Air Force One aircraft. Last year, Boeing won a $25.8 million US Air Force contract to replace the aging Air Force One and its twin decoy with 747-8’s for use in 2020.
Up to Tuesday’s close, Boeing‘s stock is up 70.1 percent this year.
Lockheed Martin shares slipped in premarket trading after the defense giant reported lower-than-expected third quarter earnings on Tuesday. The Pentagon’s top weapons supplier posted per-share earnings of $3.24 versus $3.26 expected on Wall Street.
Considered a bellwether for the US defense sector, Lockheed Martin reported a net income of $939 million compared to $1.1 billion, in Q3 of 2016.
The company, which produces the F-35 Lightning II and the THAAD missile defense system, raised its full-year net sales of $50 billion to $51.2 billion, which is up from an earlier estimate of $49.8 to $51.0 billion.
The Falls Church, Virginia-based company, boasting a portfolio of Gulfstream jets, tanks, and ships, reported higher-than-expected quarterly earnings.
General Dynamics achieved earnings per share of $2.52 versus $2.44 expected on Wall Street.
The company, which is one of two defense contractors that is equipped to build nuclear-powered submarines, missed revenues with $7.6 billion versus Wall Street estimates of $7.94 billion.