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Lockheed Martin bolsters forecast amid F-35 strength

The company has a record backlog of $150.4B

Lockheed Martin Corp. reported better-than-expected quarterly results that were boosted by its F-35 fighter jet and raised its outlook for the rest of the year.

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The Bethesda, Md.-based defense contractor earned $1.7 billion, or $6.25 per share, as revenue rose 8.7% to $16.5 billion. Wall Street analysts surveyed by Refinitiv were expecting earnings of $6.09 per share on revenue of $16.12 billion.

TickerSecurityLastChangeChange %
LMTLOCKHEED MARTIN CORPORATION378.34-0.14-0.04%

“We delivered strong results across our key financial metrics, and we expect to build on this success through the remainder of the year," CEO James Taiclet said in a statement.

About 40% of sales were from the company’s aeronautics unit, which produces the F-35 fighter jet, the most expensive weapons program in U.S. history. The company delivered 31 F-35s during the three months through Sept. 27, up from 28 the previous year.

Lockheed's backlog reached a record $150.4 billion, almost $58 billion of which was tied to aeronautics.

Lockheed sees full-year 2020 earnings of $24.45 per share, up from its previous forecast of $23.75 to $24.05. Sales are expected to reach $65.25 billion, ahead of the $63.5 billion to $65 billion that was previously expected.

Looking ahead to 2021, revenue is anticipated to grow to at least $67 billion.

The company last month raised its quarterly dividend by 20 cents to $2.60 per share.

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Lockheed shares were down 1.46% this year through Monday, lagging the S&P 500’s 6.07% gain.