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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.
Lockheed Martin Corporation Q2 2022 Earnings Infographic
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.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
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