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Business/Financial

Lockheed Martin Posts Higher Earning, Sales In Fourth Quarter; Alerts To Financial Control Weakness At Sikorsky

By Cal Biesecker

Tuesday, January 24th, 2017

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Lockheed Martin Posts Higher Earning, Sales In Fourth Quarter; Alerts To Financial Control Weakness At Sikorsky

Lockheed Martin Chairman, President and CEO Marillyn Hewson

Lockheed Martin [LMT] on Tuesday reported higher earnings and sales in its fourth quarter driven by a pension tailwind, the acquisition of Sikorsky Aircraft, a nuclear weapons venture in Britain and results in the Aeronautics segment.However, the company reported guidance for 2017 that is well below consensus estimates and warned that it expects a material weakness in internal controls over financial reporting at Sikorsky, which Lockheed Martin acquired from United Technologies Corp. [UTX] in Nov. 2015.Net income increased 6 percent…

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