Lockheed Martin Corp. (LMT - Get Report)  erased gains on Tuesday, Oct. 23, amid a broader market selloff, even though it handily beat earnings and revenue estimates and raised its full-year sales forecast.

The Bethesda, Md.-based aerospace and defense company reported net earnings of about $1.5 billion, or $5.14 a share, which surpassed analysts' expectations of $4.31 a share. Revenue of $14.3 billion also beat forecasts calling for $13.1 billion, according to FactSet.

Sales within each business unit increased year over year. Aeronautics' net sales increased 20% to $5.6 billion. Missiles and Fire Control sales jumped 16% to $2.27 billion. Rotary and Mission Systems net sales increased $485 million, or 14% to $3.8 billion. The Space unit's net sales rose 11% to $2.6 billion. 

"Our team achieved another quarter of strong growth leading us to improve our expectations for our full-year financial results," Lockheed Martin Chairman and CEO Marillyn Hewson said in a statement. "As we look ahead to 2019, we remain focused on providing innovative, essential solutions to customers, and continuing to generate growth and long-term value for shareholders."

The world's largest defense contractor raised its full-year sales guidance to $53 billion, compared to its prior outlook of a range of $51.6 billion to $53.1 billion. Full-year earnings are now expected to be $17.50 a share, up from the previous guidance of $16.75 a share to $17.05 a share.

"Management initiated a preliminary 2019 earnings framework," noted Jefferies analyst Sheila Kahyaoglu. "LMT expects sales growth of 5% to 6%, which is in-line with our 6% estimate."

Shares of Lockheed fell 1.7% to $321.36. LMT shares have gained about 0.1% year to date.