Lockheed Martin's Terrible, Horrible, No Good, Very Bad Q2 Earnings Report

Investors were in a forgiving mood this week, and that was good news for defense company Lockheed Martin (NYSE: LMT) -- because the company's Q2 2022 earnings report, released Tuesday, was bad with a capital "B".

Expected to report $6.39 per share in "adjusted" profits on sales of more than $16 billion, Lockheed missed analysts' earnings forecast by $0.07 -- and missed the sales forecast by $600 million. Nevertheless, Lockheed stock closed up a fraction of a percent for the day, and gained even more on Wednesday. 

But did Lockheed Martin stock deserve to go up at all?

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Source Fool.com