Lockheed Martin Corporation (NYSE: LMT) stock rises on positive top line

Free $100 Forex No-Deposit Bonus

Lockheed Martin Corporation (NYSE: LMT) stock rose over 2.8% on 21st July, 2020 (As of  12:54 pm GMT-4; Source: Google finance) post better than expected second quarter of 2020 performance. The firm’s net sales rose to $16.2 billion during the second quarter of 2020 against $14.4 billion in the second quarter of 2019. Net earnings rose to $1.6 billion, or $5.79 per share during the quarter from $1.4 billion, or $5.00 per share, in the second quarter of 2019. Cash from operations improved to $2.2 billion during the second quarter of 2020 from $1.7 billion in the second quarter of 2019.

As per the division performance, Aeronautics’ net sales rose $953 million, or 17% against pcp driven by $700 million sales for the F-35 program on the back of better volume on production, development, and sustainment contracts; and about $125 million for higher volume on classified development contracts. The division’s operating profit rose $147 million, or 25% against pcp. MFC’s net sales rose $390 million, or 16% during the quarter against pcp driven by over $295 million sales for integrated air and missile defense programs due to increased volume (primarily Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD)). The division also witnessed $150 million for tactical and strike missile programs on the back of rising volume (primarily Guided Multiple Launch Rocket Systems (GMLRS) and High-Mobility Artillery Rocket Systems (HIMARS)).  With regards to the RMS’ net sales in the second quarter of 2020 rose $271 million, or 7% against pcp. The division saw over $240 million for Sikorsky helicopter programs driven by rising volume primarily on Seahawk production programs and VH-92A production contracts. RMS’ operating profit rose $82 million, or 24% against pcp. Space’s net sales rose $179 million, or 7% during the second quarter of 2020 against the same period in 2019. Positive performance of this division was driven by net sales of over $90 million for government satellite programs driven by rising volume (primarily Next Generation Overhead Persistent Infrared (Next Gen OPIR)); and over $85 million for strategic and missile defense programs

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.