Lockheed Martin Corp, the No 1 US defence contractor, on Thursday said quarterly profit rose 8 percent, helped by strong sales at its electronic systems business that includes Patriot missiles. The Bethesda, Maryland-based company, whose missiles and aircraft are staples of the US military, reported fourth-quarter profit of $372 million, or 83 cents per share, compared with $344 million, or 77 cents per share, in the year-ago quarter.
That beat Wall Street's estimate of 74 cents per share, according to analysts polled by Reuters Estimates.
Results were boosted by the company's electronic systems business, which includes maritime equipment for the US Coast Guard and weapons such as the Patriot missile.
"We had a big fourth quarter relative to deliveries of tactical missiles," said Christopher Kubasik, Lockheed's chief financial officer, explaining the quarter's increase in profit. The results included one-off charges worth 34 cents per share, mostly due to a court decision over a contested waste clean-up contract. Lockheed's net sales rose 11 percent to $9.97 billion, ahead of analysts' forecast of $9.26 billion.