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Performance: Lockheed Martin (LMT.US) last quarter's profits were dragged down by impairments, with the stock price falling by 7%.
Lockheed Martin (LMT.US), an Aerospace and Defense company, announced that its fourth quarter profits fell short of expectations due to losses from classified projects, causing its stock price to drop more than 7% on Tuesday. The company's quarterly net profit was $0.527 billion or $2.22 per share, far below the market expectation of $6.62. Its Aerospace and Missile and Fire Control divisions reported a $1.7 billion loss from classified projects, impacting profits. Sales fell from $18.9 billion to $18.6 billion, also lower than the expected $18.8 billion.
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US stock movement | Q4 Net income decreased by 71.75% year-on-year, Lockheed Martin (LMT.US) dropped over 4% in pre-market trading.
On Tuesday, Lockheed Martin (LMT.US) fell over 4% in pre-market trading, reaching $483.06.
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