Mike Fuentes | Bloomberg | Getty Images
Lockheed Martin Corp.'s F-35 jet in Fort Worth, Texas.
Lockheed Martin raised its 2018 forecast as it reported second-quarter earnings which beat Wall Street expectations.
The defense contractor beat analyst estimates on both the top and bottom lines in its quarterly report. Lockheed Martin reported earnings of $4.05 per share – ahead of $3.92 per share forecast by Thomson Reuters – and revenue of $13.4 billion – over half a billion more than forecast by Thomson Reuters. The company bumped up its 2018 forecast to a range of $16.75 to $17.05 earnings per share and an expected full year revenue between $51.6 billion to $53.1 billion – a raise of more than $1.2 billion on the low-end of the range.
Shares of Lockheed Martin rose nearly 3 percent in premarket trading. The company’s stock has risen nearly 10 percent in the past year, as of Monday’s close at $318.33, but has slid 5 percent over the last three months.
Here’s how the company did compared with what Wall Street expected:
Earnings: $4.05 per share vs. $3.92 per share forecast by Thomson Reuters.Revenue: $13.4 billion vs. $12.74 billion forecast by Thomson Reuters.This is breaking news. Please check back for updates.
