The Lockheed Martin Corp (NYSE: LMT) stock price rose 2% after releasing its second-quarter earnings results, where its revenues surged $16.7 billion from $15.4 billion in the same quarter last year.
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The military contractor’s net earnings for the quarter were $1.7 billion, or $6.63 per share, compared to $309 million, or $1.16 per share, in the second quarter of 2022. The company provides military equipment for the US and its allies globally.
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The positive Q2 data was mainly driven by excess demand from Ukraine, which had relied heavily on US equipment for its counter-attacks in the recent past as opposed to when the war began, and the country had a large arsenal of Russian-made missiles and artillery.
Lockheed Martin is an American aerospace, arms, information security, defence, and technology corporation with worldwide interests. The company issued a breakdown of the equipment it delivered during the quarter, which included 45 units of F-35 fighter planes and 11 units of government helicopters.
Lockheed Martin’s orders in the second quarter of 2023 included securing lot 17 production and delivery services of the F-35 Lightning II and the purchase of PAC-3 missiles and GMLRS rockets.
The PAC-3 missiles and GMLRS rockets are typically used and fired by the Patriot Air defence system and the HIMARS multiple rocket launcher. Ukraine has used the last two platforms to fight against Russia’s invasion.
Lockheed Martin has adjusted its full-year sales and earnings per share outlook for 2023, given its robust year-to-date performance and the continued strong demand for its products. The company now expects to report higher figures than previously projected.
The military contractor now expects to generate net revenues of between $66.25 billion and $66.75 billion, marking an improvement from the previous estimates of about $65 billion to $66 billion.
Lockheed Martin’s CEO, Jim Taiclet, said: “Given the strength of our year-to-date results and ongoing demand for our signature programs and advanced technologies, we are raising our full-year sales and earnings per share outlooks for 2023.”
*This is not investment advice.
The Lockheed Martin (LMT) stock price.
The Lockheed Martin (LMT) stock price rose 1.99% to trade at $479.33 from Monday’s closing price of $469.97.
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