Lockheed’s Earnings Miss and 2018 Guidance Confirms Our View that Shares are Slightly Overvalued
Wide-moat Lockheed Martin reported its third-quarter 2017 and provided updated 2017 guidance that featured an earnings miss and a year over year fall in margins. More importantly, 2018 guidance came in below both consensus and our estimates. The one bright spot was aeronautics margins, which expanded for the first time since second-quarter 2016, reflecting F-35 progress. In response, we’ve refined our 2018 estimates and reiterate our view that shares are overvalued. Nonetheless, we raised our fa...Lockheed Martin is a security and aerospace company. The company has four segments: Aeronautics, which is engaged in the research, design, development, manufacture, integration, sustainment, support and upgrade of military aircraft; Missiles and Fire Control, which provides air and missile defense systems, logistics, fire control systems, and mission operations support; Rotary and Mission Systems, which provides design, manufacture, service and support for military and commercial helicopters, radar systems, and simulation and training services; Space, which researches, designs, develops, engineers and produces satellites, space transportation systems, and strategic, strike, and defensive systems.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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