Lockheed Martin beats by $0.21, beats on revs; guides FY17 EPS below consensus, revs in-line :
- Reports Q4 (Dec) earnings of $3.25 per share, $0.21 better than the Capital IQ Consensus of $3.04; revenues rose 19.4% year/year to $13.75 bln vs the $12.99 bln Capital IQ Consensus.
- Backlog of $96.2 billion at the end of 2016
- Co issues guidance for FY17, sees EPS of $12.25-12.55, excluding non-recurring items, vs. $12.72 Capital IQ Consensus Estimate; sees FY17 revs of $49.4-50.6 bln vs. $49.39 bln Capital IQ Consensus Estimate.
- Sikorsky Issue
- The Corporation is completing its assessment of the effectiveness of its internal control over financial reporting as of Dec. 31, 2016. However, the Corporation expects to report a material weakness in internal control over financial reporting at its Sikorsky Aircraft Corporation (Sikorsky) business in its Annual Report on Form 10-K for the year ended Dec. 31, 2016. Sikorsky was acquired on Nov. 6, 2015 and generated about 10% of the Corporation's total net sales for the year ended Dec. 31, 2016. Prior to 2016, Sikorsky was not included in assessments of the effectiveness of the Corporation's internal control over financial reporting as the U.S. Securities and Exchange Commission. The Corporation expects that the remediation of this material weakness will be completed prior to the end of fiscal year 2017.
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