Lockheed Martin Corp , the world's largest defense contractor, posted a higher-than-expected quarterly profit on Tuesday as revenue rose.
The company raised its full-year profit forecast, citing share repurchases and a better performance in its government satellite business.
Net earnings in the second quarter rose to $825 million, or $2.22 a share, from $734 million, or $1.88 a share, a year earlier.
Excluding results for Pacific Architects and Engineers Inc, a division the company plans to sell, profit from continuing operations came to $1.96 a share. The company said it expected to sell PAE, which it included in discontinued operations, by year's end.
Analysts on average expected $1.78 a share, according to Thomson Reuters I/B/E/S.
Quarterly sales rose 3 percent to $11.44 billion.
Lockheed said it now expected a profit of $7.15 to $7.35 a share from continuing operations for this year, compared with a prior forecast of $7 to $7.20 a share.
(Reporting by Karen Jacobs; Editing by Lisa Von Ahn)