Why Lockheed Martin Stock Just Crashed by 12%

·2-min read
Why Lockheed Martin Stock Just Crashed by 12%

Shares of defense industry giant Lockheed Martin (NYSE: LMT) tanked Tuesday morning, trading down by 12.1% as of 12:32 p.m. EDT even though the company reported a sizable earnings beat. Lockheed Martin's earnings plunged by 65% year over year to $2.21 per share in the third quarter -- a result that easily surpassed analysts' consensus projection for earnings of $1.97 per share. Without that charge, it would have earned nearly $7 a share and grown its earnings nearly 11% when calculated according to generally accepted accounting principles (GAAP).

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