Lockheed Martin Corp. upgraded its full-year EPS guidance as it reported earnings for the third quarter that widely exceeded analysts' estimates.
The aerospace and defense company's net earnings rose to $1.61 billion in the third quarter from $1.47 billion in the prior-year period.
Third-quarter EPS increased 10.1% year over year to $5.66 from $5.14, topping the S&P Global Market Intelligence consensus GAAP EPS estimate of $5.03.
Consolidated operating profit came to $2.11 billion, up from $1.96 billion in the year-ago quarter.
Net sales climbed 6.0% year over year to $15.17 billion from $14.32 billion. The largest segment by revenue, the aeronautics business, recorded $6.18 billion in sales in the third quarter, up from $5.64 billion a year earlier.
Lockheed Martin raised its EPS forecast for 2019 to $21.55 from a previously estimated range of $20.85 to $21.15. Full-year net sales were projected to be at $59.10 billion, compared with a prior guidance range of $58.25 billion to $59.75 billion.
For 2020, Lockheed Martin expects net sales to increase to approximately $62.0 billion. Cash from operations is forecast to be at least $7.2 billion next year.
Lockheed Martin said the initial outlook for 2020 assumes that potential U.S. government actions on Turkey would not affect the company.