Lockheed Martin Corporation (NYSE:LMT) on Tuesday reported a 10 percent jump in second-quarter profit, more than Wall Street analysts were expecting. The gain lifted its full-year profit forecast as the giant military contractor's improved efficiency offset weaker sales.
The Bethesda, Md.-based company said it earned $859 million in the second quarter, up from $781 million the previous quarter, while earnings per share climbed 11 percent to $2.64.
Sales fell 4 percent to $11.4 billion compared to the previous quarter.
Lockheed Martin said it now forecasts its earnings per share for 2013 to be $9.20 to $9.50, up from its previous outlook of $8.80 to $9.10.