On Tuesday, Lockheed Martin (NYSE: LMT), the Pentagon's No. 1 weapons supplier, announced its financial results for the second quarter of 2017, with both earnings and revenues beating estimates.
According to the company, total revenue for the second quarter increased 6.6% from $11.56 billion last year to $12.69 billion, beating estimates of $12.47 billion by 1.8%. Except Missiles and Fire Control, which dropped 3% to $1.6 billion, all of the other segments increased year-over-year in sales.
Earnings from continuing operations increased 10.2% to $3.23 per share, surpassing estimates of $3.10 per share by 4.2%.
Based on the financial results for the second quarter, the company raised its guidance for the full year 2017. Revenue was expected to be between $49.8 and $51.0 billion, which is higher than the previous expectations of between $49.5 and $50.7 billion. Earnings per share was expected to be between $12.30 and $12.60 per share, which is higher than the previous expectations of between $12.15 and $12.45 per share.
“Based on the corporation's strong results this quarter we increased our 2017 financial guidance for sales, profit, and earnings,” Marillyn Hewson, the Chairman, President, and CEO of the company, said in the statement. “Our team remains focused on performing with excellence for our customers and continuing to deliver growth and outstanding value to shareholders.”