Company Update (NYSE:LMT): F-35 flight tests show radar software problems -Pentagon

[Reuters] – Radar software being tested for the F-35 stealth fighter jet made by Lockheed Martin Corp is not stable enough, Pentagon officials said in a written statement at a U.S. House Armed Services Committee hearing on Wednesday. The issue caused sensors to restart once every four hours of flying due to the timing of software messages from the sensors to the main F-35 fusion computer and the aim was to improve this to one in every eight to 10 flying hours, the statement said. Michael Gilmore, the Pentagon’s chief weapons tester, said the program would not be ready for operational testing until mid-2018, a year later than expected, due to delays in completion of the jet’s software and other issues. Read more on this. Lockheed Martin Corporation (LMT) , valued at $67.59B, opened at $220.89. Today’s price range has been between $220.62 and $222.54 per share with its 52-week range being $181.91 to $227.91. LMT shares are currently priced at 18.60x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 12.03x forward p/e ratio. And for dividend hunters, the company pays shareholders $6.60 per share annually in dividends, yielding 2.98%. Consensus earnings for the current quarter by the 17 sell-side analysts covering the stock is an estimate of $2.60 per share, which would be $0.14 worse than the year-ago quarter and a $0.18 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $11.79, which would be a $0.95 improvement when compared to the last year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $11.33 Billion. If realized, that would be a 12.07% increase over the year-ago quarter. Recently, Berenberg Initiated LMT at Buy (Mar 17, 2016). Previously, Guggenheim Initiated LMT at to Buy. Investors should keep in mind is that the average price target is $236.13, which is 6.90% above where the stock opened this morning. See more in (NYSE:LMT) Similar Articles: Company Update: Lockheed Martin Corporation (NYSE:LMT) – U.S. okays sale of 8 Lockheed F-16 fighter jets to Pakistan -Pentagon Company Update: Lockheed Martin Corporation (NYSE:LMT) – Pentagon expects to reach $15 bln F-35 deal with Lockheed in March Market Update: Lockheed Martin Corporation (NYSE:LMT) – Lockheed Martin wins $784 mln U.S. long-range radar deal-Pentagon