Shares of Lockheed Martin Corp. LMT, +0.22% fell 0.6% in premarket trading Monday, after the aerospace and defense contractor reported a second-quarter profit that came up shy of expectations, amid performance issues in aeronautics, but revenue that rose above forecasts. Net income rose to $1.82 billion, or $6.52 a share, from $1.63 billion, or $5.79 a share, in the year ago period. The FactSet consensus for net earnings per share was $6.56. The company said results included a per-share loss of 61 cents recorded at Aeronautics related to performance issues on a classified program. The FactSet consensus for adjusted EPS was $6.52. Sales 5.0% to $17.03 billion, above the FactSet consensus of $16.94 billion. Among business segments, missiles and fire control, rotary and mission systems and space sales beat expectations while aeronautics came up short. For 2021, the company raised its EPS guidance range to $26.70 to $27.00 from $26.40 to $26.70 while affirming its sales outlook of $67.3 billion to $68.7 billion. The stock has gained 7.3% year to date through Friday, while the S&P 500 SPX, +1.01% has advanced 17.5%.
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