Lockheed Martin Stock Climbs on Boosted Full-Year Guidance

Lockheed Martin (LMT) surpassed analysts' expectations pinch its second-quarter results Tuesday and raised its full-year outlook, sending shares higher.

The defense and aerospace contractor lifted its full-year gross projection to a scope of $70.5 cardinal to $71.5 cardinal from its April guidance of $68.5 cardinal to $70 billion, and its earnings per stock (EPS) guidance to $26.10 to $26.60 from $25.65 to $26.35. 

For nan 2nd quarter, Lockheed posted EPS of $6.85 connected nett income of $18.12 billion, topping Visible Alpha statement analysts' estimates of $6.45 and $17.03 billion. 

Backlog Equals More Than Two Times Annual Revenue

“Operationally, nan F-35 [single-engine combatant jet] remains a apical priority, and we precocious delivered nan first Technology Refresh 3-configured craft to nan customer and expect deliveries for 2024 to meet our expected scope of 75-110 F-35s,” Chief Executive Officer (CEO) Jim Taiclet said. 

“Demand for our defense exertion solutions remains robust, pinch a backlog of astir $160 billion, greater than 2 times yearly revenue,” Taiclet added. Lockheed Martin reported nett income of $67.6 cardinal successful 2023.

Shares of Lockheed Martin roseate 4.8% to $497.27 arsenic of 2:50 p.m. ET Tuesday. They're up almost 10% successful 2024.