Latest news with #losses
Yahoo
16 hours ago
- Business
- Yahoo
Lockheed Martin Stock Stumbles as Defense Contractor Cuts Forecast
NurPhoto / Getty Images Lockheed Martin recognized $950 million in pre-tax losses tied to a classified aeronautics program Lockheed Martin (LMT) stock tumbled Tuesday as the defense contractor reported $1.6 billion in losses across a range of programs and slashed its full-year profit forecast. Shares of Lockheed were down 8% in recent trading. The stock is down about 12% this year. A classified program in Lockheed's aeronautics program that faced "design, integration, and test challenges" led to recognize $950 million in pre-tax losses, the company said. The company reported another $570 million losses on an international helicopter program. The losses, CEO Jim Chaiclet said, "are a necessary step as we continue to take action to improve program execution." The company now expects full-year earnings per share of $21.70 to $22, down from a prior estimate of $27 to $27.30. Lockheed maintained its sales outlook of $73.75 billion to $74.75 billion, which is in line with the Visible Alpha analyst consensus. In the second quarter, Lockheed reported revenue of $18.16 billion, up less than 1% year-over-year and short of the analyst consensus. The company's net income fell to $342 million, or $1.46 per share, from $1.6 billion, or $6.85 per share, largely due to the program losses. Read the original article on Investopedia
Yahoo
21 hours ago
- Business
- Yahoo
Lockheed Martin flags $1.6 billion charge in second quarter
(Reuters) -U.S. defense giant Lockheed Martin said on Tuesday it had recorded pre-tax losses of $1.6 billion predominantly on a classified program at its Aeronautics segment.
Reuters
21 hours ago
- Business
- Reuters
Lockheed Martin flags $1.6 billion charge in second quarter
July 22 (Reuters) - U.S. defense giant Lockheed Martin said on Tuesday it had recorded pre-tax losses of $1.6 billion predominantly on a classified program at its Aeronautics segment.
Bloomberg
a day ago
- Business
- Bloomberg
Spanish Outages Likely Cost Top Power User Repsol €170 Million
Spain's power outages probably cost oil producer Repsol SA about €170 million ($200 million) in losses at refineries and chemical plants last quarter, people familiar with the matter said. A nationwide blackout in April led to an estimated loss of roughly €100 million at five refineries, and €40 million at three chemical plants, according to the people, who asked not to be named because the information isn't public. Smaller power failures probably cost about €30 million, they added.
CTV News
a day ago
- Automotive
- CTV News
Stellantis reports ‘massive losses'
Stellantis has reported massive losses for the first portion of this year. With more, here's CTV Windsor's Robert Lothian.
