Lockheed Martin Corp.’s stock
LMT,
rose 1.4% premarket Tuesday, after the defense and aerospace company posted better-than-expected first-quarter earnings. The company had net earnings of $1.7 billion, or $6.61 a share, for the quarter, compared with earnings of $1.7 billion, or $6.44 a share, in the year-earlier period. Adjusted per-share earnings came to $6.43, ahead of the $6.00 FactSet consensus. Sales rose to $15.1 billion from $15.0 billion a year ago, also ahead of the $15.0 billion FactSet consensus. “A few of the company’s notable accomplishments during the quarter included securing a contract for the first United States sea-based hypersonic missile program, Conventional Prompt Strike (CPS), delivering the first F-16 fighter aircraft out of our new Greenville, South Carolina factory, and being selected to provide 88 F-35 fifth-generation fighter aircraft to Canada,” CEO Jim Taiclet said in a statement. Lockheed is now expecting full-year sales to range from $65.0 billion to $66.0 billion and for EPS to range from $26.60 to $26.90. The FactSet consensus is for full-year sales of $65.7 billion and EPS of $26.91. The stock has gained 0.7% in the year to date, while the S&P 500
SPX,
has gained 8%.
