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Lockheed Martin zips past 2Q estimates on sales of fighter jets and weapons

Lockheed Martin now expects its profits for the year to fall between US$16.75 to US$17.05 per share

fighter jet
The world's biggest defense company makes F-35 combat jets and PAC-3 missiles

Defense giant Lockheed Martin Corp (NYSE:LMT) posted better-than-expected quarterly results Tuesday and lifted its full-year guidance as sales of weapons and fighter jets jumped.

The company, which makes F-35 combat jets and PAC-3 missiles, posted net income for the second quarter of US$1.16bn, or US$4.05 per share, which whizzed past analysts’ consensus estimates of US$3.92 per share. Its revenue of US$13.4bn also trounced Wall Street’s projection of US$12.73bn.

Shares of defense companies have swung a bit this year as investors have worried that budgetary pressures might diminish government defense spending in the years ahead.

But Lockheed put some concerns to rest today, revealing that revenue from the company’s missiles and fire-control business, which makes PAC-3 missiles, jumped 17% to US$2.09bn in the quarter.

Sales from its aeronautics’ group also jumped 8% to US$5.32bn thanks to demand for stealthy F-35 combat jets.

Raises yearly outlook

The world’s biggest defense contractor, which is based in Bethesda, Maryland, now expects its profits for the year to fall between US$16.75 and US$17.05 per share, up from its earlier estimate of US$15.80 to US$16.10 per share.

Lockheed’s second-quarter results included a charge of US$96mln connected to severance and restructuring.

Lockheed shares were flat in midday trade at US$315.50.

Contact Ellen Kelleher at [email protected]

Quick facts: Lockheed Martin

Price: 367.14 USD

NYSE:LMT
Market: NYSE
Market Cap: $102.63 billion
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