Lockheed Martin (NYSE: LMT), the aerospace major was on an upswing in pre-market trading at the time of writing on Tuesday after the company announced Q2 adjusted earnings of $6.73 per share, exceeding Street estimates of $6.45 per share.
The company’s net sales rose 8% year-over-year to $16.7 billion, beating analysts’ estimates of $15.92 billion.
Lockheed Martin Chairman, President, and CEO Jim Taiclet commented, “Lockheed Martin delivered strong financial results in the second quarter, with a record backlog of $158 billion and 8% sales growth year-over-year. Orders highlights included F-35 Lot 17 and significant awards to ramp-up PAC-3, GMLRS, and other major programs, positioning us well for the future.”
Looking ahead, the management raised its sales and earnings outlook for FY23. LMT now expects FY23 sales in the range of around $66.25 billion to $66.75 billion from its prior forecast between $65 billion and $66 billion. In FY23, diluted earnings are likely to be between $27 and $27.20 per share from its earlier outlook in the range of $26.60 to $26.90 per share.
Analysts remain sidelined about LMT stock with a Hold consensus rating based on one Buy, seven Holds, and one Sell.
