Lockheed Martin (LMT) shares were trading lower Tuesday even as the defense and aerospace giant raised its full-year outlook and posted better-than-expected second-quarter results.
The Bethesda, Md.-based company said it now expects full-year net sales to come in between $58.25 billion and $59.75 billion, up from April’s view of $56.75 billion to $58.25 billion. It expects diluted per-share earnings to come in at $20.85 to $21.15, higher than its previous outlook of $20.05 and $20.35.
For the quarter ended June 30, Lockheed reported net sales of $14.43 billion, up from $13.4 billion in the prior-year period and the Capital IQ consensus of $14.17 billion. Per-share earnings were $5 on a diluted basis, up from $4.05 last year and the Street’s expectation for $4.74.
Lockheed shares were down 1.6%.
“The corporation achieved another quarter of strong operational and financial results across all four of our businesses, which allowed us to grow out backlog to a new record level and increase our financial outlook for 2019,” said Chief Executive Marillyn Hewson. “Our team remains focused on driving growth, investing in innovative solutions, and creating value for shareholders.”
Aeronautics net sales rose to $5.55 billion from $5.32 billion last year, on higher net sales of $205 million for the company’s F-35 fighter program, Lockheed said.