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(Bloomberg) -- Lockheed Martin Corp. raised its profit and revenue guidance as demand for its fighter jet and radar programs drove sales above expectations in the second quarter. Most Read from Bloomberg Harris Has Enough Delegates to Clinch Nomination for President Trump Risks Getting Tables Turned on Him With New 2024 Adversary Wiz Rejects Google’s $23 Billion Offer, Seeks IPO Instead Harris Wins Soros Backing While Other Billionaire Donors Want an Open Contest A Brief History of Kamala Harris and Her Politics The defense company now expects revenue as high as $71.5 billion this year, up from as much as $70 billion and above the average analyst estimate of $69.8 billion, according to a statement Tuesday. Lockheed also raised its earnings per share view to as much as $26.60, up from $26.35. Demand for its key F-35 and F-16 jet programs as well as its helicopter and radar offerings saw Lockheed bring in second-quarter revenue of $18.1 billion, well above the average expectation of $17.1 billion.
“Over the past few months, Lockheed Martin’s people, systems, and platforms have again demonstrated their ability to enhance security in Eastern Europe, the Red Sea, and the Middle East,” Chief Executive Officer Jim Taiclet said in the Tuesday statement. Lockheed last week resumed US deliveries of the F-35, which is projected to cost more than $1.8 trillion over the course of its life cycle, after shipments were halted due to delayed upgrades. The jets were waiting on a Texas tarmac and at risk of weather damage. Lockheed said Tuesday that the F-35 remains a top priority and it expects to deliver between 75 and 110 this year. While all four of Lockheed’s segments beat analyst expectations in the second quarter, Lockheed’s space revenue rose just 1% as demand for both government and civil space programs fell.
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Lockheed Boosts Forecast on Strong Fighter Jet, Radar Sales
July 23, 2024 12:30 PM BST | By EODHD
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