RTTNews | Oct 26, 2021 09:56AM EDT

09:55 Tuesday, October 26, 2021 (RTTNews.com) - Shares of Lockheed Martin Corp. (LMT) are slipping about 9% on Tuesday morning after the aerospace and defense company's third-quarter sales missed estimates due to supply chain issues. The company sees the problem to worsen going forward and lowered its full-year revenue outlook.

LMT is currently trading at $344.04, down $32.29 or 8.58%, on the NYSE. The stock has traded between $319.81 and $396.99 in the 52-week period.

The company's revenue for the quarter slipped 2.8% to $16.03 billion from $16.50 billion last year. Profit dropped to $614 million or $2.21 per share from $1.70 billion or $6.25 per share last year.

Analysts had expected the company to earn $1.97 per share on revenues of $17.12 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, the company now expects sales of about $67 billion, compared to prior estimate of $67.30 billion to $68.70 billion. The Street is currently looking for revenues of $70.5 billion.

For fiscal 2021, the company now projects adjusted earnings of about $27.17 per share. Previously, the company expected adjusted earnings of $26.70 to $27.00 per share. Analysts expect earnings of $22.19 per share on sales of $68.35 billion for the year.

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