Estimates for earnings to be released tomorrow...
Bloomberg, 10-28-99
Lockheed 3rd-Qtr Profit Seen at 47 Cents
Bethesda, Maryland -- The following is a summary of Lockheed Martin Corp.'s third-quarter earnings, expected to be released Friday.
Lockheed Martin, the second-biggest U.S. defense and aerospace company, is expected
to earn 47 cents a share, the average estimate of analysts polled by First Call Corp. It
had net income of 84 cents a year earlier. Lockheed Martin is scheduled to report earnings Friday morning.
Lockheed warned in June that profit this year and next will be less than expected. The
company has been hurt by delayed manufacturing of it C-130J cargo plane, fewer orders
for its commercial satellites, launch failures, and delays in launches of its Atlas and
Proton rockets.
Lockheed unveiled plans late last month to sell eight businesses with combined sales
of $1.8 billion, to replace its chief financial officer and to thin management ranks in an
effort to increase profit. Since the announcement, which some expected to boost
Lockheed shares, the stock has fallen 29 percent on concern Lockheed will reduce its
estimates for next year's earnings.
What the Experts Say ``The critical issue is what they say about 2000,' Merrill Lynch
analyst Byron Callan. ``We're moving beyond 1999 into 2000. If they can explain what
they've done to change things, that's what's most important.' |
