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The company said it now expects 2018 net sales of $53 billion, slightly above the average analyst estimate of $52.6 billion. Lockheed increased its profit forecast to $17.50, better than estimates of $17.11 per share, according to Refinitiv data. Lockheed predicted 2019 sales would increase by 5 percent to 6 percent from 2018, assuming “key programs” like the F-35 fighter jet, designed to avoid detection, continue to be funded by the U.S. government. Chief Financial Officer Bruce Tanner said there was “not a huge amount of dependency” on Saudi sales built into its 2019 and 2020 forecasts.
The 2019 sales outlook would put sales within a range of $55.6 billion to $56.2 billion, slightly ahead of the average estimate of $55.4 billion, Lockheed’s tax rate fell to 6.5 percent in the third quarter, helped by a larger-than-usual $1.5 billion contribution to its pension plan, boosting the bottom line, In the third quarter of 2017, before a U.S, corporate tax cut was enacted, Lockheed had a rate of 25.8 percent, Net income rose to $1.47 billion, or $5.14 per share, in the third quarter, from $963 million, or $3.32 per amazon cufflinks share, a year earlier, Net sales rose to $14.31 billion from $12.34 billion a year earlier..
Analysts expected adjusted profit of $4.31 per share on revenue of $13.07 billion, according to Refinitiv estimates. Lockheed’s EPS was $5.14. Joseph DeNardi, an analyst at Stifel, said in a note that Lockheed’s stealthy F-35 fighter jet program reported strong profit margins. F-35 production volume as well as payments for maintenance increased in the quarter. Margins were also strong at Lockheed’s Rotary and Mission Systems business unit, which makes ships and helicopters. Operating profit increased 40 percent from the same period a year ago, in part on better margins from missile launch systems sales.
(Reuters) - United Technologies Corp (UTX.N) soothed investor nerves over Chinese approval for its purchase of aircraft parts maker Rockwell Collins COL.N, as it announced a stronger-than-expected quarterly profit on Tuesday, The jet engines-to-air conditioners amazon cufflinks group, under pressure from activist investors to split itself up, also said it was considering options for a break-up including entertaining interest from third parties to buy any of its businesses, A decision about a split is now expected by mid-November..
UTC’s shares rose 1.3 percent on Tuesday morning amid a broader decline on Wall Street, after the company said Chinese regulators should approve its takeover of Rockwell within weeks. The closing of the deal, initially expected in September, has been delayed, heightening shareholder concerns that UTC could become a victim of an escalating trade war between the United States and China. “We’ve been investing (in China) for years and years. We are a key part of (its) aerospace industry. We just don’t see UTC as being caught up in the Sino-U.S. political issues,” Chief Executive Officer Greg Hayes said on a conference call with analysts.
“I think as you think about potential M&A opportunities, value-creating M&A, there’s always that possibility,” Hayes said, referring to mergers in connection with UTC’s amazon cufflinks possible break-up, “The board will be open to all potential opportunities along those lines.”, Meanwhile, a boom in air travel on the back of an improving global economy has benefited planemakers Boeing (BA.N) and Airbus (AIR.PA), spurring them to place more orders with parts suppliers like UTC and Honeywell (HON.N)..
Both UTC and Honeywell expect higher costs in 2019 as a result of trade tariffs. UTC said it expects tariff-related expenses to rise about $200 million in 2019, twice its prior estimate. The company plans to offset rising costs with price hikes as demand remains robust. “Although the delayed Rockwell Collins closing remains top of the agenda, for the rest of UTC’s aerospace and defense business, this quarter was generally surprise-free,” Vertical Research Partners said in a client report.
“The double-digit growth on the aero after-market and the pick-up in defense bodes well for other (aerospace and defense) amazon cufflinks suppliers.”, UTC, which also makes Otis elevators, raised its forecast for 2018 adjusted earnings for the third time, to a range of between $7.20 and $7.30 per share from between $7.10 and $7.25, Sales at its Pratt & Whitney aircraft engines business jumped about 24 percent to $4.79 billion in the third quarter ended Sept, 30, Overall net sales climbed 9.6 percent to $16.51 billion..