Lockheed Martin beats by $0.74, reports revs in-line; raises FY16 guidance ; raises quarterly dividend 10% to $1.82/share; increases share buybacks by $2 bln :
- Reports Q3 (Sep) adj earnings of $3.61 per share, $0.74 better than the Capital IQ Consensus of $2.87; revenues rose 14.8% year/year to $11.55 bln vs the $11.45 bln Capital IQ Consensus.
- Co raises guidance for FY16, sees EPS of $12.10 (prior $11.15-11.45), excluding non-recurring items, vs. $11.72 Capital IQ Consensus Estimate; sees FY16 revs of $46.5 bln (prior $45-46.2 bln) vs. $46.38 bln Capital IQ Consensus Estimate.
- The co expects its 2017 net sales to increase by approximately 7% as compared to 2016. Total business segment operating margin is expected to be in the 10.0 percent to 10.5 percent range. Depending on the timing of F-35 collections, 2017 cash from operations will be greater than or equal to $5.0 bln or greater than or equal to $5.7 bln.
- "Looking ahead to 2017, we are focused on providing innovative solutions to our customers, while executing on our realigned business portfolio to generate growth and value to shareholders."
- Increased share repurchase authorization by $2.0 bln.
- Increased quarterly dividend rate 10 percent to $1.82 per share.
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