Lockheed Martin Backs FY22 Outlook Below Market; Plans $14 Bln Addl. Share Buyback - Update

(RTTNews) - While reporting higher third-quarter results, Lockheed Martin Corp. (LMT) reiterated its fiscal 2022 outlook, below market estimates.

Further, the company announced up to an additional $14 billion in share repurchase authority. The company anticipates executing a $4.0 billion accelerated share repurchase program in the fourth quarter of 2022 bringing total share repurchases for the year to approximately $8.0 billion.

For fiscal 2022, the company continues to project earnings of about $21.55 per share, and business segment operating profit of $7.18 billion, on net sales of about $65.25 billion.

On average, 21 analysts polled by Thomson Reuters expect earnings of $21.67 per share on revenues of $65.29 billion for the year. Analysts' estimates typically exclude special items.

Lockheed Martin Chairman, President and CEO James Taiclet 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."