It is a tough day for Lockheed Martin (NYSE:LMT)stock, as the company reported a 17 percent drop in earnings and the Senate voted down funding for Lockheed's state-of-the-art F-22 fighter jets.
Lockheed's earnings for its second quarter totaled $743 million, or $1.88 per share, vs. $2.15 per share in the same quarter a year ago. Results were hampered by pension expenses, the company said, although earnings still beat analyst expectations.
Also hammering the stock today is that the Senate voted to strike $1.75 billion in funding for the F-22 from its version of a military spending bill. The senate's version still must be reconciled with the house version, which includes some additional F-22 funding, although President Obama has said he will veto more funding for the program.
Lockheed competitors Northrop Grumman (NYSE:NOC) and Boeing (NYSE:BA) report earnings later this week.
Lockheed Martin shares down more than eight percent in afternoon trading Tuesday.
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