Lockheed Martin (NYSE:LMT) Corp raised its full-year 2023 forecast for sales, segment operating profit and earnings per share (EPS) on Tuesday after the company’s second-quarter revenue and EPS surpassed analyst expectations.
The US weapons maker saw its 2Q net sales rise 8.1% to $16.69 billion, while its adjusted earnings for the period increased 6.5% to $6.73 per share.
Analysts expected $15.92 billion in revenue for the quarter along with adjusted earnings of $6.45 per share.
“Lockheed Martin (NYSE:LMT) delivered strong financial results in the second quarter, with a record backlog of $158 billion and 8% sales growth year-over-year,” said Lockheed Martin CEO Jim Taiclet said in a statement.
“We continued our dynamic and disciplined capital allocation in the quarter, with nearly two times free cash flow returned to shareholders,” he added.
Lockheed, which makes the F-22 and F-35 fighter jets, has supplied Javelin anti-tank missiles and other military equipment to Ukraine in its battle against Russia's invasion.
As well, the company announced a $3 billion agreement in early July to supply Israel Defense Forces with a third squadron of F-35 stealth aircraft.
Shares of Lockheed Martin rose more than 1% in pre-market trading on Tuesday.
Contact Sean at sean@proactiveinvestors.com