Aerospace company Lockheed Martin (NYSE: LMT) Tuesday said its sales increased 9% in the third quarter, driving up net profit. The top-line also came in above the market’s prediction. The stock made modest gains soon after the announcement.
In a sign that the virus-related disruption did not affect orders materially, net sales rose 8.6% from last year to $16.5 billion in the September-quarter. It is above the consensus estimate.
In the most recent quarter, earnings rose to $1.7 billion or $6.05 per share from $1.6 billion or $5.66 per share in the third quarter of 2019. The bottom-line was slightly below the Street view.
Read management/analysts’ comments on Lockheed Martin’s Q3 2020 results
After retreating from the peak at the beginning of 2020, Lockheed Martin’s shares bounced back and maintained the uptrend since then. The stock, which has lost 7% so far this year, closed the last session lower.