NEW YORK (TheStreet) -- Shares of Lockheed Martin (LMT) - Get Report  were gaining in pre-market trading on Tuesday as the company reported better-than-expected 2016 fiscal third-quarter results and gave an upbeat forecast for full-year earnings and revenue. 

Lockheed posted earnings of $3.61 per diluted share, topping analysts' projected earnings of $2.90 per share. 

Revenue came in at $11.60 billion, which was higher than Wall Street's estimated $11.45 billion. 

During the same period last year, the Bethesda, MD-based security and aerospace company earned $2.77 per diluted share and $11.46 billion in revenue. 

Lockheed now sees 2016 earnings of $12.10 per diluted share vs. its prior estimated range of $11.15 to $11.45 per diluted share. 

Wall Street is looking for adjusted earnings of $11.77 per share for the year. 

The company also raised its 2016 revenue forecast to $46.5 billion, up from its previous range of $45.0 billion to $46.2 billion. 

Analysts are forecasting revenue of $46.4 billion in 2016. 

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(Lockheed Martin is a holding in David Peltier's Dividend Stock Advisor.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

The team rates Lockheed Martin as a Buy with a ratings score of A. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, increase in net income and good cash flow from operations. The team feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that it evaluated.

You can view the full analysis from the report here: LMT

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