The stock was up $34.53 (+8.69%) to $431.84 on the news
From Yahoo Finance, October 18:
Lockheed Martin stock jumps after topping earnings estimates
Shares of Lockheed Martin are moving higher after the company beat earnings expectations for the quarter.
Video Transcript
- All right, everyone, time now for Triple Play, the three stocks that we're watching in the final 30 minutes of trading. We've got Lockheed Martin, Peloton, and Hasbro on deck. Now, my pick, Lockheed Martin, ticker LMT, the world's largest defense contractor, really enjoying gains today after a strong Q3 showing. The stock, as you can see there, up just about almost 9% there.
Earnings of $6.71 per share on revenue of 16.6 billion were in line with expectations. Profits beat estimates. And net income coming in at $1.78 billion, aerospace and their space businesses really leading the way there. Now in a statement, CEO James Stoechler said, Lockheed Martin delivered a solid quarter, highlighted by strength in free cash flow, orders, and operating margins that positions us well to achieve our full year commitments.
Now, we're seeing this patience really paying off for investors, Lockheed also announcing a $14 billion share buyback authorization. And they expect to execute a $4 billion accelerated share repurchase program in Q4. Now, that's interesting timing because it's before that new tax on buybacks kicks in in January.....
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Let us turn your worthless tax payments into valuable executive compensation packages and stock buybacks. While at the same time avoiding the already puny little buyback excise tax just introduced on said buybacks.
Say it again! Here's Bruce Springsteen with a cover of an old song made famous by Edwin Starr:
Earlier:
Here Come The Buybacks"The earnings apocalypse has not yet materialized"
