Lockheed Martin Corporation LMT delivered strong results for the second quarter. The company also lifted the outlook for the remainder period of the year. These were enough for investors to lift the share price by 1.45 percent or $3.71 in pre-market trading.
Lockheed Martin said its net earnings grew 9.8 percent to $1.02 billion from $0.93 billion while earnings per share advanced 12.9 percent to $3.32 from $2.94 in the year-ago quarter. This was $0.39 a share higher than the street expectations of $2.93 a share.
Similarly, the company delivered 10.9 percent growth in its top line to $12.9 billion from $11.6 billion in the previous year quarter. This was also higher than the analysts' estimations of $12.56 billion.
President and CEO, Marillyn Hewson, commented, "The Corporation achieved exceptional operational and financial results in the second quarter. Our strong performance enabled us to increase our financial guidance for sales, profit, earnings per share and cash from operations, and positions the company to deliver more value to our customers and shareholders."
Lockheed Martin said it generated cash from operations of $1.5 billion and returned $1.0 billion to its shareholders including $0.5 billion in share buybacks.
Going forward, the company listed its earnings forecast to $12.15 - $12.45 a share from $11.50 - $11.80 a share for the full year. Similarly, it boosted its net sales outlook to $50 - $51.5 billion from $49.6 - $51.1 billion for the same period. Analysts are looking for earnings of $11.84 a share on revenue of $50.46 billion.
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