Lockheed Martin Posts Surprisingly Strong Q2, Which Was Up 10%, On Improved Efficiency That Offset Weaker Revenue; Lifts Full-Year Forecast

 @MikeObelm.obel@ibtimes.com
on July 23 2013 8:00 AM

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.

 

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