Lockheed Martin profits rise but forecasts hit turbulence

Aerospace firm Lockheed Martin reported its fourth fiscal quarter financial results on Monday, showing rising profits but a dim outlook for the year ahead.

Lockheed has been in the news of late after facing criticism from United States President Donald Trump for cost overruns on its F-35 fighter jet contract with the Pentagon.

However, CEO Marrilyn Hewson was present during a meeting of several executives of top flight US companies in the White House on Monday after having made promises to reduce costs on the aircraft.

For the quarter just ended, Lockheed reported net sales of $13.8bn, up from $11.5bn a year earlier. Earnings per share for the period were $3.25, increasing from $2.63, which it reported for the corresponding period in 2015.

Shares in Lockheed faltered 2.44% shortly after the open on Tuesday though, after the company revised its forecasts for 2017 lower. Earnings per share for the current year will be between $12.25 and $12.55, having previously been situated at $12.87.

"Looking ahead to 2017, we remain focused on meeting commitments to customers, pursuing new business growth opportunities, investing in innovative solutions to drive affordability and prepare for the future, and returning value to our shareholders," said Hewson in a statement.