Lockheed Martin Corp (NYSE:LMT) raised its annual sales target after the U.S. resumed F-35 aircraft deliveries, which had been paused for software upgrades.
The Pentagon began accepting the jets last week, even though the upgrades are incomplete, withholding some payments until the enhancements are finished. The F-35, Lockheed's largest defense program, accounts for about 30% of the company’s revenue.
Lockheed now expects 2024 sales between $70.5 billion and $71.5 billion, up from a previous forecast of $68.5 billion to $70 billion.
The company also benefited from a $95-billion funding package for Ukraine and Israel. Net income for Q2 was $6.85 per share, up from $6.63 per share a year earlier.
The shares were flat in pre-market trading.