Lockheed Martin Boosts Profit Guidance

Lockheed Martin raised its earnings guidance to $7.15 to $7.35 a share from $7 to $7.20 after beating second-quarter expectations.

Author:: Andrea Tse
Publish date:: Jul 27, 2010 8:07 AM EDT

NEW YORK (TheStreet) -- Lockheed Martin (LMT) - Get Report raised its earnings guidance to $7.15 to $7.35 a share from $7 to $7.20 share after beating second-quarter expectations.

The consensus estimate is full-year earnings was $7.29 a share on revenue of $46.93 billion.

For the second quarter, the company reported net income of $825 million, or $2.22 a share, compared with $734 million, or $1.88, the previous year. Excluding special items, the company reported earnings of $1.96 a share, beating estimates. The strong outcome comes as the company continues to realign its portfolio and amid strength in military hardware sales.

Sales in the quarter were $11.4 billion, a 3% increase from year-earlier period.

Analysts on average were expecting earnings of $1.78 a share on revenue of $11.48 billion.

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Lockheed Martin said it decided itself of two units and realign others to strengthen performance over the long term.