Aerospace company Lockheed Martin Corporation (NYSE: LMT) Tuesday said its sales rose 3% in the third quarter of 2022, resulting in a sharp increase in net profit.
The company reported third-quarter 2022 net sales of $16.58 billion, compared to $16.03 billion in the prior-year period. However, the latest number fell short of expectations.
Consequently, net earnings climbed to $1.8 billion, or $6.71 per share, from $614 million, or $2.21 per share in the third quarter of 2021. Adjusted profit, excluding special items, was $6.87 per share, compared to $6.60 per share last year.
Check this space to read management/analysts’ comments on Lockheed Martin’s Q3 2022 results
Lockheed Martin’s shares gained early Tuesday following the earnings announcement, after closing the previous session higher.