Earnings Season

It's that time of year again -- defense contractors releasing their quarterly earnings statements.

Lockheed Martin:

Lockheed Martin Corporation (NYSE: LMT) today reported third quarter 2012 net sales of $11.9 billion compared to $12.1 billion in 2011.  Net earnings from continuing operations for the third quarter of 2012 were $727 million, or $2.21 per diluted share, compared to $665 million, or $1.99 per diluted share, in 2011.  Cash from operations during the third quarter of 2012 was $1.6 billion, compared to cash from operations of $551 million after pension contributions of $960 million during the third quarter of 2011.

View the full Lockheed statement.

Boeing:

The Boeing Company (NYSE: BA) reported third-quarter net income of $1.0 billion, or $1.35 per share, on continued strong core performance and revenue of $20.0 billion.  Increased earnings at Commercial Airplanes and Defense, Space & Security were more than offset by higher pension expense of $194 million ($0.18 per share).  Earnings per share guidance for 2012 was raised to between $4.80 and $4.95.  The company also raised its revenue guidance to between $80.5 and $82 billion on higher Defense, Space & Security revenue, and increased its 2012 operating cash flow outlook to greater than $5.5 billion.

View the full Boeing statement.

Northrop Grumman:

Northrop Grumman Corporation (NYSE: NOC) reported third quarter 2012 earnings from continuing operations of $459 million, or $1.82 per diluted share, compared with $520 million, or $1.86 per diluted share, in the third quarter of 2011. The change in earnings and earnings per share is largely due to a $66 million decrease in net pension income in the 2012 third quarter. On a pension-adjusted basis, earnings per diluted share from continuing operations increased 6 percent to $1.73 from $1.63. During the third quarter the company repurchased 4.4 million shares of its common stock for approximately $290 million. Year to date through Sept. 30, 2012, the company has repurchased 13.6 million shares of its common stock, and $2.0 billion remains on its current share repurchase authorization.

View the full Northrop statement.

General Dynamics:

General Dynamics (NYSE: GD) today reported third-quarter 2012 earnings from continuing operations of $600 million, or $1.70 per share on a fully diluted basis, compared with 2011 third-quarter earnings from continuing operations of $665 million, or $1.83 per share fully diluted. Revenues in the quarter were $7.9 billion.  Net earnings for third-quarter 2012 were $600 million, or $1.70 per share fully diluted.

View the full GD statement.

Raytheon is scheduled to release its earnings statement tomorrow..