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Shares of Lockheed Martin (LMT - Get Report)   slipped 1.5% to $352.25 Tuesday even though the aerospace giant beat Wall Street's second-quarter earnings expectations and boosted its 2019 guidance.

The Bethesda, Maryland-based company reported net earnings or $1.4 billion, or $5 a share, compared with $1.2 billion, or $4.05 a share, a year ago. Net sales totaled $14.4 billion, up from $13.4 billion a year ago. Analysts were expecting the company to report earnings of $4.74 a share on sales of $14.16 billion.

During the quarter, the company made $249 million in capital expenditures, compared with $264 million a year ago.

Lockheed also raised its 2019 earnings guidance and it now calling for a range of $20.85 to $21.15 a share, up from earlier guidance of $20.05 to $20.35. The company also is calling for annual revenue to range from $58.25 billion to $59.75 billion, up from $56.75 billion to $58.25 billion.

The company operates through four segments: aeronautics, missiles and fire control, rotary and mission systems, and space.

"The corporation achieved another quarter of strong operational and financial results across all four of our businesses, which allowed us to grow our backlog to a new record level and to increase our financial outlook for 2019," said Lockheed Martin Chairman, President and CEO Marillyn Hewson in a statement. "Our team remains focused on driving growth, investing in innovative solutions, and creating long-term value for shareholders."