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Lockheed Martin surpasses earnings estimates, raises forecasts for 2018



(Reuters) – Lockheed Martin Corp. ( LMT.N ) exceeded expectations for quarterly earnings on Tuesday, increasing its forecast for the remainder of the year, helped by higher demand for its F-35 fighter aircraft ,

A US Marine Corps's Lockheed Martin F-35B fighter-jet taxis after landing at the Royal International Air Tattoo in Fairford, UK on July 8, 201

6. REUTERS / Peter Nicholls / File Photo

The Pentagon's No. 1 Weapons suppliers increased its revenue forecast for 2018 to 51.60 to 53.10 billion US dollars, from 50.35 to 51.85 billion US dollars.

Full-year earnings are now expected to be between $ 16.75 and $ 17.05 per share, compared to the previous estimate of $ 15.80 and $ 16.10 per share.

The company's stock rose 1.5% to $ 322.86 on Tuesday in pre-market trading.

The company's revenue from its rocket and fire fighting business, which also produces PAC-3 missiles, increased 16.9 percent to $ 2.09 billion.

The company that manufactures the F-35 Jet has seen a revenue increase of 8.1 percent to $ 5.32 billion.

The company's net income increased to $ 1.16 billion, or $ 4.05 per share, in the second quarter ended June 24, from $ 955 million, or $ 3.28 per share, a year earlier ,

Net sales increased 6.6 percent to $ 13.40 billion.

According to Thomson Reuters I / B / E / S analysts expected adjusted earnings of $ 3.92 per share and revenues of $ 12.74 billion.

The quarterly results included a charge of $ 96 million related to severance and restructuring measures, which reduced net income by $ 76 million.

Lockheed's share closed 9.7 percent in the past 12 months, up 13.6 percent on Monday, compared to an increase of 13.6 percent in the S & P 500 Index .SPX.

Reporting by Sanjana Shivdas in Bangalore; Edited by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles.

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