Lockheed raises guidance on strong second quarter

Lockheed Martin Corp. (NYSE: LMT) posted $14.4 billion in second quarter revenue, beating estimates and improving the Bethesda defense giant’s 2019 forecast.

Revenue was up 7.7% from the $13.4 billion in net sales Lockheed recorded in the second quarter of 2018, according to Tuesday’s earnings report. Earnings per share were up to $5 from an estimate of $4.78.

In a statement, Chairman, President and CEO Marillyn Hewson said the quarter pushed the contractor’s backlog “to a new record level” — now stretching to more than $136 billion.

The company moved its 2019 outlook to diluted earnings per share of $20.85 to $21.15, up from $20.05 to $20.35. It’s now forecasting $58.25 billion to $59.75 billion in net sales, up from a range of $56.75 billion to $58.25 billion.

Lockheed’s four business segments — aeronautics, missiles and fire control, rotary and mission systems, and space — all posted revenue gains in the second quarter. Its missiles and fire control unit posted…

Read the full story from the Washington Business Journal.

More from WTOP

Log in to your WTOP account for notifications and alerts customized for you.

Sign up