Lockheed Martin beat analyst expectations with an 8 percent jump in second-quarter profit, and its space unit proved an able contributor to the upbeat three-month performance.
Its bottom line reached $1.02 billion, which represented $3.32 in earnings per share. That healthily outpaced Wall Street’s average projection for the quarter of $2.93 per share.
Lockheed is the biggest military contractor in the world, and its second-quarter highs included increased sales of its F-35 fighter jet, which will be put into services by the U.S. Air Force this year.
The company’s space unit posted $340 million in quarterly operating profit, or 16 percent more than a year earlier. The big improvement came despite a 3 percent dip in space revenue, to $2.22 billion.
“The corporation achieved exceptional operational and financial results in the second quarter,” Lockheed Martin chairman and CEO Marillyn Hewson said.
The quarterly results were released just prior to market trading July 19, and Lockheed shares (LMT) opened sharply higher to surge $6.71, or almost 3 percent, to $263 by late morning. That exceeded its 52-week closing high of $262.69, though the stock ended the session with a more modest daily gain, up $2.67 to $258.96.