Aerospace company Lockheed Martin Corporation (NYSE: LMT) Tuesday said its sales decreased 9% in the second quarter of 2022, resulting in a marked drop in net profit. The results also missed the consensus estimates.
Reflecting the impact of pandemic-related business disruption and macroeconomic headwinds, Lockheed Martin’s net sales dropped 9% from last year to $15.4 billion in the June quarter. The number also came in below the consensus estimate.
Consequently, net income dropped to $309 billion or $1.16 per share from $1.8 billion or $6.52 per share in the second quarter of 2021. Adjusted profit, excluding special items, was $6.32 per share, compared to $6.42 per share last year. The bottom line fell short of expectations.
Check this space to read management/analysts’ comments on Lockheed Martin’s Q2 2022 results
Lockheed Martin’s shares declined early Tuesday following the earnings announcement, after closing the previous session lower.
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