Lockheed Martin Stock Sinks as F-35 Sales Decline Weighs on Revenue

Core Insights - Lockheed Martin missed revenue estimates due to a decline in aerospace sales related to contractual and funding issues for the F-35 fighter jet [1] - Despite the revenue miss, the company raised its full-year profit outlook [2] - Shares of Lockheed Martin fell from their all-time high set the previous day [1] Financial Performance - The company reported third-quarter revenue of $17.10 billion, a 1% year-over-year increase, but below the expected $17.38 billion [1] - Earnings per share (EPS) were reported at $6.80, exceeding forecasts [1] - The Aeronautics unit sales decreased by 3% to $6.49 billion, primarily due to delays in F-35 funding [1] - Revenue from the Space division fell less than 1% to $3.08 billion, while the Missiles and Fire Control segment saw an 8% increase to $3.18 billion, and Rotary and Mission Systems unit revenue rose by 6% to $4.37 billion [1] Outlook Adjustments - The company raised its full-year EPS outlook to $26.65 from a previous range of $26.10 to $26.60 [2] - Revenue outlook was narrowed to $71.25 billion from a previous range of $70.50 billion to $71.50 billion [2] - Despite a decline of approximately 5% in shares, they remain up nearly 30% year-to-date [2]