Lockheed Martin (NYSE: LMT) reported lower-than-expected third-quarter earnings before market open Tuesday.
CEO Marillyn Hewson said the company has "a record backlog that supports long term growth." Lockheed Martin raised its expectation for its full-year earnings to a range of $12.85 – $13.15 per share, up from $12.30 – $12.60.
Hewson went on to say “Our continued focus on operational performance and meeting our delivery commitments has enabled us to increase our financial guidance and post a record backlog that supports long-term growth,
"As we look ahead to 2018, we remain focused on delivering for our customers, investing in innovative solutions, and returning value to our shareholders."
Earnings per Share came in at $3.24 as opposed to the $3.26 expected. Revenue was $12.17 billion vs. $13.81 billion expected,
Lockheed Martin said on Aug. 9 it is fielding more missile defense queries amid North Korea tests. The company said customers want to defend themselves against possible incoming missile attacks and are increasingly asking about missile defense systems.
Major defense stocks have surged to record highs this year as President Donald Trump has responded in kind to threats from North Korea. Lockheed Martin's stock closed at an all-time high of $321.15 on Oct. 12.
Lockheed Martin's stock is up more than 28% this year as of Monday's close. Shares were down $9.86, or 3.1%, Tuesday afternoon, to $310.87
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