Government defense contractor Lockheed Martin Corp. posted net income of $1.778 billion, or $6.71 a share, for the third quarter, up from $614 million, or $2.21 a share, in the year-earlier period. Sales rose to $16.583 billion from $16.028 billion a year ago. The FactSet consensus was for EPS of $6.57 and sales of $16.650 billion. Free cash flow stood at $2.7 billion, up from $1.6 billion a year ago. The company's backlog stood at $140 billion at quarter end. The company reaffirmed its full-year guidance for EPS of $21.55 and sales of $65.250 billion. It also announced an additional $14 billion share buyback authorization and said it expects to execute a $4 billion accelerated share repurchase program in the fourth quarter. A new tax on buybacks will kick in in January. Sales at the company's aeronautics, missiles and fire control segment rose to $2.831 billion from $2.781 billion a year ago. Sales at rotary and mission systems fell to $3.781 billion from $3.980 billion, while sales at the space segment rose to $2.882 billion from $2.699 billion. Shares were up 0.4% premarket and have gained 12% in the year to date, while the S&P 500 has fallen 23%.
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