Lockheed Martin tops Q2 estimates and raises guidance

Lockheed Martin Corp.
LMT,
-3.18%
posted stronger-than-expected second-quarter earnings on Tuesday and raised its full-year guidance. The stock rose 0.7% premarket. The aerospace and defense company posted net income of $1.7 billion, or $6.63 a share, up from $309 million, or $1.16 per share in the year-earlier period. The year-ago figure includes a $1.5 billion noncash, non-operating pension settlement charge. Sales rose to $16.7 billion from $15.4 billion. The FactSet consensus was for EPS of $6.45 and sales of $15.923 billion. The company is now expecting full-year EPS of $27.00 to $27.20, up from prior guidance of $26.60 to $26.90. It expects sales to range from $66.250 billion to $66.750 billion, up from prior guidance of $65.000 billion to $66.000 billion. The stock has fallen 3.4% in the year to date, while the S&P 500
SPX,
+0.66%
has gained 17.8%.