Lockheed Martin posts better-than-expected Q3 earnings

Lockheed Martin Corp.
LMT,
+0.08%
said Tuesday it had net income of $1.7 billion, or $6.73 a share, in the third quarter, compared with income of $1.8 billion, or $6.71 a share, in the year-earlier period. Revenue rose 2% to $16.9 billion. The FactSet consensus was for EPS of $6.67 and revenue of $16.7 billion. “Our backlog remains robust at $156 billion as both domestic and international orders were strong,” Chief Executive Jim Taiclet said in a statement. The company is now expecting full-year sales of $66.250 billion to $66.750 billion and for EPS to range from $27.00 to $27.20. The FactSet consensus is for sales of $66.678 billion and EPS of $27.16. The stock fell 0.7% premarket and is down 9% in the year to date, while the S&P 500
SPX,
-0.16%
has gained 14%.