MINNEAPOLIS (AP) — Lockheed Martin Corp. says its third-quarter profit fell more than 28 percent after it paid for buyouts for 600 executives as it shrinks because of pressure on defense spending.
Revenue for the big defense contractor rose 5.6 percent but that missed analysts' expectations and it cut its revenue outlook for the full year.
Its shares dropped $1.48, or 2.1 percent, to $68.56 a share in pre-market trading,
The company based in Bethesda, Md., reported net income of $571 million, or $1.57 per share, for the quarter that ended Sept. 30. That was down from $797 million, or $2.07 per share, a year ago.
It says revenue rose to $11.38 billion from $10.8 billion a year ago.
Analysts surveyed by Thomson Reuters were expecting earnings of $1.53 per share on higher revenue of $11.59 billion.
It now expects net sales of $44.9 billion to $45.9 billion for the year. In July it had predicted revenue as high as $46.5 billion
