Lockheed Martin Corp on Tuesday posted a greater-than-expected 26 percent increase in profit and raised its full-year forecast, as the No 1 defence contractor increased sales of commercial satellites and benefited from lower pension costs.
Lockheed, best known for its F-16 fighter jets and Patriot missiles but focused increasingly on civilian technology, is taking advantage of record levels in US defence spending, extra funding for operations in Iraq and Afghanistan, and more outsourcing of government technology projects.
The Bethesda, Maryland-based company said second-quarter profit jumped to $580 million, or $1.34 per share, from $461 million, or $1.02 per share, in the year-ago quarter. Revenue rose 7 percent to $10 billion.
The results beat Wall Street's average profit expectation of $1.16 per share on revenue of $9.766 billion, according to Reuters Estimates. Sales at its growing systems and information technology unit rose 5 percent to just over $5 billion.