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Search resuls for: "Mike Stone Shivansh Tiwary"


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☆ Lockheed Martin taps strong defense demand to beat results estimates
  + stars: | 2023-04-18 | by ( Mike Stone Shivansh Tiwary | Mike Stone | Shivansh Tiwary | ) www.reuters.com   time to read: +2 min
April 18 (Reuters) - U.S. weapons maker Lockheed Martin Corp's (LMT.N) first-quarter results surpassed Wall Street targets on Tuesday despite parts and labor shortages, as simmering geopolitical tensions fueled demand from both U.S. and international customers. Shares of the company rose as much as 3.8% to hit a record high of $508.1 in early trading. The Pentagon's $858 billion defense budget for 2023 has also resulted in multiple contract wins for U.S. defense firms such as Lockheed, Raytheon Technologies (RTX.N) and Northrop Grumman Corp (NOC.N), which count the U.S. Department of Defense as their biggest customer. Lockheed's order backlog also fell to $145.1 billion as of quarter-end from $150 billion at the end of 2022. The missiles maker reaffirmed its full-year outlook, projecting net sales in the range of about $65 billion to $66 billion and profits between $26.60 and $26.90 per share.
☆ Aerospace major Raytheon beats profit estimates on strong travel demand
  + stars: | 2023-01-24 | by ( Mike Stone Shivansh Tiwary | Mike Stone | Shivansh Tiwary | ) www.reuters.com   time to read: +2 min
Jan 24 (Reuters) - Aerospace and defense major Raytheon Technologies Corp (RTX.N) on Tuesday beat analysts' estimates for fourth-quarter profit, as strong travel demand across the globe boosted demand for its jet engines, parts and services. Raytheon reported an adjusted net income of $1.27 per share in the quarter ended Dec. 31, above analysts' average estimate of $1.24 per share, according to Refinitiv data. The Arlington, Virginia based company's avionics unit, Collins Aerospace, reported a 14.6% increase in its quarterly sales and a 60.7% jump in operating profit in the reported quarter. Raytheon's missiles and defense unit's sales were up 6.2% to $4.1 billion in the fourth quarter. Raytheon's fourth-quarter net sales were up 6.2% at $18.09 billion, missing analysts' average estimate of $18.15 billion.
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