Lockheed Lifts Targets

First-quarter earnings are better than expected.
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Lockheed Martin

(LMT) - Get Report

said its full-year earnings should be stronger than it predicted in January, as all of its business segments are expected to improve their operating performances.

The defense contractor is now calling for a profit of $6.20 to $6.35 a share in 2007, up from its previous forecast of $5.80 to $6 a share. Lockheed also ratcheted up its sales estimate, saying it will probably have a top line of $40.35 billion to $41.35 billion, compared with earlier guidance of $40.25 billion to $41.25 billion.

Analysts are calling for earnings of $6.06 a share this year on revenue of $41.12 billion.

Lockheed's outlook came as it reported first-quarter earnings of $690 million, or $1.60 a share. The company had a profit of $591 million and $1.34 a share in the same period a year earlier.

Net sales for the quarter were $9.28 billion, a 1% increase over last year's $9.21 billion, the Bethesda, Md., company said Tuesday. Wall Street was looking for earnings of $1.37 and sales of $9.57 billion in the quarter.

"Our first-quarter earnings reflect our commitment to strong operational and financial performance," said Bob Stevens, Lockheed's chairman, president and CEO. "We are proud of our capabilities and will continue to deliver on our commitments as we sustain value for our customers, shareholders and employees."