Lockheed Martin (NYSE:LMT) delivered first-quarter earnings on Tuesday that were far above what Wall Street anticipated from the world’s largest defense contractor.
The company, based in Bethesda, Maryland, also updated its forecast for 2019 financial results, with earnings anticipated between $20.05 a share and $20.35 a share – up from a range of $19.15 a share to $19.45 share.
Expected full year revenue was also increased, now estimated to total between $58.3 billion and $56.8 billion – up from $55.8 billion to $57.3 billion.
Lockheed saw first-quarter earnings of $5.99 a share, an increase of 49% compared to the same period last year.
Earnings per Share totaled $5.99 a share vs. $4.34 a share expected by experts. Revenue came in at $14.3 billion vs. $12.6 billion expected.
Lockheed also said that government actions include delays from Congress on export approvals for the Kingdom of Saudi Arabia, the United Arab Emirates and Turkey.
Earlier this month, the U.S. halted delivery of two F-35 fighter jets to Turkey in order to deter Ankara from following through with a multi-billion-dollar deal to buy a Russian missile system.
The F-35, Lockheed Martin’s largest program, is financed and manufactured in part by NATO ally Turkey. If Ankara is kicked out of the F-35 group, Lockheed would need to replace Turkey’s manufacturing of the F-35's fuselage and landing gear.
Said CEO Marillyn Hewson, "The corporation had strong performance in the first quarter which has allowed us to increase our full year financial guidance for sales, profit, earnings per share and cash."
Shares spiked $17.79, or 5.6%, to $333.05
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