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Lockheed Martin Tops Q2 Earnings Forecast, Lifts 2020 Financial Guidance

Lockheed Martin said its order backlog hit $150 billion at the end of the second quarter, and sees improving sales and profits between now and the end of the year.

Lockheed Martin  (LMT)  posted stronger-than-expected second quarter earnings Tuesday, and boosted its full-year profit forecast, even as it cautioned on the economic uncertainty surrounding the global coronavirus pandemic.

Lockheed Martin said earnings for the three months ending in June rose 15.8% from last year to $5.76 per share, just ahead of the Street consensus forecast of $5.72 per share. Group revenues, Lockheed said, rose 12.3% to $16.2 billion, again beating analysts' estimates of a $15.3. billion tally.

Looking into the second half of the year, Lockheed said it sees diluted earnings per share in the region of $23.75 to $24.05 per share on net sales of between $63.5 billion and $65 billion.

"I'm pleased to see continued strong operational and financial results this quarter as we remain focused on performing with excellence for our customers while protecting the well-being of our employees and keeping our supply chain strong during this global pandemic," said CEO James Taiclet.

"Our dedicated Lockheed Martin team, and strong portfolio, coupled with supportive governmental actions have positioned us to deliver vital national security solutions for our country and international partners, and long-term value for our shareholders," he added.

Lockheed shares were marked 3.35% higher in early trading following the earnings release to change hands at $374.80 each, a move that would trim the stock's year-to-date decline to around 3.75%.

Lockheed Martin said its order backlog for the quarter ended in June was tabbed at $150.3 billion, an increase of around 9.5% from last year, and noted that it delivered 25 F-35 fighter jets to the U.S. military during the three month period, down from 29 over the second quarter of last year.