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Severance Charge, Operating Declines Lead Lockheed Martin’s First Quarter Earnings Down

Cal Biesecker By
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Severance Charge, Operating Declines Lead Lockheed Martin’s First Quarter Earnings Down
Lockheed Martin's F-35 fighter helped drive higher sales in the second quarter. Photo: Lockheed Martin

Lockheed Martin [LMT] on Tuesday posted lower net income on due to severance charges and lower operating profits at several of its segments despite higher sales.Net income fell 10 percent to $794 million, $2.58 earnings per share (EPS), from $878 million ($2.74 EPS) a year ago, missing consensus estimates by a penny per share. Sales increased 16 percent to $11.7 billion from $10.1 billion a year ago.Most of the decline in earnings, $64 million (21 cents EPS), is due to…

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