Industrials

FedEx Seen Holding On to Business Picked Up From UPS, Yellow

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FedEx expects to hold on to a majority of the 400,000 additional packages it now ships per daythat were added during labor negotiations between UPS and the Teamsters, BofA analysts say. “This is in contrast to UPS’ commentary that it expects to win back a majority of its business, and is willing to pay customer penalties,” BofA says. The analysts’ note follows a meeting with the shipping company’s new CFO John Dietrich earlier this week. FedEx also thinks it will keep the approximately 5,000 shipments per day in additional less-than-truckload freight it picked up following the bankruptcy of the trucking company Yellow. BofA maintains the stock as a buy along with its price target of $330.

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Lockheed Martin Affirms Fiscal 2023 Outlook

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Lockheed continues to forecast per-share earnings between $27 and $27.20 for fiscal 2023 on expected revenue of $66.25 billion to $66.75 billion. The Street is looking for GAAP EPS of $27.14 and revenue of $66.64 billion for the year. It affirmed its free cash flow guidance of at least $6.2 billion. “Looking ahead, we’ll continue to pursue our strategy of building capacity, efficiency and resilience into our production operations, driving advanced digital technologies to enhance integrated deterrence through collaboration with our customers and tech and aerospace industry partners, and expanding our international business and operations,” according to Taiclet.

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CFRA Maintains Hold View On Shares Of Lockheed Martin Corporation

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We adjust our 12-month target price to $450 from $475, 16.1x our 2024 EPS of $27.94 (reduced from $29.71; 2023 EPS forecast lowered by $0.01 to $27.15). LMT posted Q3 EPS of $6.77 vs. $6.87 (-1% Y/Y), beating consensus by $0.14. The Y/Y decline in EPS was driven by margin contraction across a number of LMT’s businesses, including Aeronautics, Rotary & Mission Systems, and Space. Sales grew 2% Y/Y, beating top-line expectations by about 1% on higher volumes in LMT’s tactical and strike missile programs, and for integrated warfare systems and sensors. Backlogs remain near historically high levels at $156 billion as global order rates remain supportive. LMT delivered 30 F-35s in Q3, leading to a 5% decline in sales within the Aeronautics segment. Despite a jump

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Lockheed Martin Reports Third Quarter 2023 Financial Results

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Lockheed Martin Reports Third Quarter 2023 Financial Results BETHESDA, Md., Oct. 17, 2023 — Net sales of $16.9 billion, an increase of 2% year-over-year — Net earnings of $1.7 billion, or $6.73 per share — Cash from operations of $2.9 billion and free cash flow of $2.5 billion — $2.5 billion of cash returned to shareholders through dividends and share repurchases — Increased share repurchase authority by $6.0 billion to a total authorization of $13.0 billion — Increased quarterly dividend to $3.15 per share — Reaffirms 2023 financial outlook Lockheed Martin Corporation (NYSE: LMT) today reported third quarter 2023 net sales of $16.9 billion, compared to $16.6 billion in the third quarter of 2022. Net earnings in the third quarter of 2023 were $1.7 billion, or $6.73 per share, compared to $1.8 billion, or $6.71 per share, in the third quarter of 2022. Cash from operations was $2.9 billion in

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Boeing Faces ‘Downside Risk’ to 81 737 Deliveries in Q4, Deutsche Bank Says

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Boeing (BA) faces potential downside risk to about 81 737 aircraft deliveries in Q4 based on Ryanair’s (RYAAY) disclosures, Deutsche Bank said in a note to clients Friday. Deutsche Bank also said Boeing deliveries for October and potentially November and December are likely to be lower due to the reported expansion of the aft pressure bulkhead inspections. “We think this is likely to result in previously inspected and reworked aircraft requiring an additional inspection and potentially additional rework before they can be delivered,” analysts Scott Deuschle and Megan Makini wrote. They now expect Boeing 737 deliveries to reach only 384 this year, down from its previous outlook of 404, and Q4 deliveries at 98, compared with its prior forecast of 118 and the Street’s 126. Deutsche Bank has a hold rating and a $204 price target on Boeing’s stock.

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