Key Points - Earnings per share fell sharply to $1.46, missing analyst estimates and reflecting significant program charges.- Revenue stayed flat at $18.2 billion but came in below expectations, while operating profit dropped by 65 % compared to the prior year.

Shares of Lockheed Martin (NYSE:LMT) tumbled as much as 9% on Tuesday after the defense contractor reported sharply lower second-quarter earnings because of more than $1.6 billion in program-related charges,

Despite significant charges and tax uncertainties, Lockheed Martin Corp (LMT) reaffirms its sales guidance and showcases strong shareholder returns and operational efficiency.