Lockheed Martin (LMT) - Get Lockheed Martin Corporation Report posted third-quarter earnings of $5.66 a share, handily beating analysts' estimates, and said it was raising its 2019 profit and revenue forecast.
Revenue in the quarter was $15.17 billion.
Analysts surveyed by FactSet expected the defense company to earn $5.02 a share in the third quarter on revenue of $14.87 billion.
A year earlier, the company reported earnings of $5.14 a share on sales of $14.32 billion.
Lockheed Martin said it expects 2019 earnings of about $21.55 a share, up from previous guidance of $20.85 to $21.15 a share. Sales, Lockheed said, are expected at roughly $59.1 billion vs. previous guidance $58.25 billion to $59.75 billion.
"The corporation achieved another quarter of strong growth and outstanding operational performance," said Lockheed Martin Chairman, President and CEO Marillyn Hewson. "As we look ahead to 2020, we remain focused on providing innovative solutions for our customers, investing for long-term growth, and generating value for our shareholders."
Lockheed Martin also boosted its quarterly dividend to $2.40 a share from $2.20, and added $1 billion in common stock to its repurchase program, with the remaining authorization now totaling $3.3 billion.
The stock was down 1.15% to $369.75 in trading Tuesday. Following Monday's close, the stock has gained nearly 43% so far in 2019, while peers General Dynamics (GD) - Get General Dynamics Corporation Report , Northrop Grumman (NOC) - Get Northrop Grumman Corporation Report and Raytheon (RTN) - Get Raytheon Company Report have risen 11.6%, 43% and 31.9%, respectively.
Stifel analyst Joseph DeNardi said there is good reason to think the defense group can deliver a repeat performance in 2020, despite concerns about the U.S. defense budget, Barron's reported.
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