Lockheed Martin Plunges 9% After Reporting Sharp Q2 Profit Decline

(RTTNews) - Lockheed Martin Corporation (LMT) fell 8.61 percent to $420.89 on Tuesday after the defense contractor reported a steep drop in second-quarter earnings.

Net income dropped to $340 million, or $1.46 per share, compared to $1.64 billion, or $6.85 per share, a year ago. Revenue was nearly flat, inching up 0.2 percent to $18.16 billion from $18.12 billion in the prior year.

The stock opened at $422.75 and traded between $416.40 and $437.45, down from its previous close of $460.53 on the New York Stock Exchange. Lockheed Martin's 52-week range is $416.40 to $618.95. Trading volume surged to 5.99 million shares, well above the average of 1.43 million.