The Lockheed Martin logo is seen during the the 70th annual International Astronautical Congress at the Walter E. Washington Convention Center in Washington, DC on October 22, 2019.
Mandel Ngan | AFP | Getty Images
Lockheed Martin reported a higher first-quarter profit on Tuesday and reaffirmed its forecasts for the year on the back of resilient demand for its missile systems and fighter jets.
Defense contractors have benefited from a surge in demand for weapons against the backdrop of the Russia-Ukraine war and conflicts in the Middle East.
Legacy companies in the sector are also expected to get a potential boost from U.S. President Donald Trump’s review of military equipment export rules that he is seeking to ease.
Lockheed’s aerospace business, which makes the F-35 fighter jet, posted a 3.1% rise in sales in the first quarter.
The F-35 program has been beset by delays in rolling out a technology upgrade to give the jet better displays and processing capabilities for its electronic systems.
Lockheed reported total revenue of $17.96 billion in the first quarter, up 4.5% from a year earlier. Sales during the quarter increased at all the company’s units, except its space division.
The company’s net income rose to $1.71 billion, or $7.28 per share, in the quarter, from about $1.55 billion, or $6.39 per share, a year earlier.
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