Security and Aerospace company Lockheed Martin (NYSE:LMT) will be announcing earnings results tomorrow before market hours. Here’s what to look for.

Lockheed Martin missed analysts’ revenue expectations by 1.5% last quarter, reporting revenues of $17.1 billion, up 1.3% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EBITDA estimates and a slight miss of analysts’ organic revenue estimates.

Is Lockheed Martin a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Lockheed Martin’s revenue to be flat year on year at $18.79 billion, in line with its flat revenue from the same quarter last year. Adjusted earnings are expected to come in at $6.61 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Lockheed Martin has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 3.6% on average.

Looking at Lockheed Martin’s peers in the aerospace and defense segment, some have already reported their Q4 results, giving us a hint as to what we can expect. CACI delivered year-on-year revenue growth of 14.5%, beating analysts’ expectations by 2.9%, and AAR reported revenues up 25.8%, topping estimates by 4.9%. CACI traded down 9.3% following the results while AAR was up 8.6%.

Read our full analysis of CACI’s results here and AAR’s results here.

There has been positive sentiment among investors in the aerospace and defense segment, with share prices up 4.9% on average over the last month. Lockheed Martin is up 3.4% during the same time and is heading into earnings with an average analyst price target of $559.61 (compared to the current share price of $496.96).

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