Lockheed Martin Corp. reported robust second-quarter earnings, surpassing expectations and prompting an increase in its full-year guidance. The stock witnessed a solid 0.7% rise in premarket trading.
Impressive Financial Performance
The aerospace and defense company recorded a net income of $1.7 billion, or $6.63 per share, in comparison to $309 million, or $1.16 per share, in the same period last year. It is worth noting that the year-ago figure was impacted by a $1.5 billion noncash, non-operating pension settlement charge. Sales also experienced growth, reaching $16.7 billion compared to $15.4 billion previously.
Beating Expectations
The FactSet consensus predicted earnings per share (EPS) of $6.45 and sales of $15.923 billion, indicating that Lockheed Martin outperformed projections in both categories.
Revised Full-Year Guidance
In light of its strong performance, Lockheed Martin revised its full-year guidance upwards. The company now expects EPS to range between $27.00 and $27.20, an increase from the previous guidance of $26.60 to $26.90. Additionally, it anticipates sales to fall between $66.250 billion and $66.750 billion, up from the prior range of $65.000 billion to $66.000 billion.
Market Overview
While Lockheed Martin Corp’s stock has declined by 3.4% year-to-date, the S&P 500 has shown a growth of 17.8%.
