Lockheed Martin expects FY21 earnings per share to range between $26.40-$26.70, above estimated $26.31 per share, according to the company’s press release. The raised outlook follows a reported net earnings of $1.8 billion or $6.56 per share in the first quarter, which beat estimates of $6.31 per share.
Lockheed’s better-than-expected earnings were helped by higher sales and profits at its unit which makes ships and helicopters.
Net sales in the quarter rose 3.9% to $16.26 billion, remaining below expected $16.33 billion.
Lockheed’s Aeronautics segment reported 17 deliveries of its F-35 jets in the quarter, down from a 22 a year earlier.
The company plans to deliver between 133 and 139 of the jets this year
The company increased its revenue outlook for the full year slightly to $68 billion, below estimates of $68.17 billion.
Lockheed Martin stock is currently declining. LMT: NYSE is down 1.09% on premarket.
