Lockheed Martin Corp. said on Tuesday that first-quarter profit rose a greater-than expected 17 percent as the world's largest defense contractor posted higher sales of information systems for government customers and had a number of one-time gains.
Lockheed, maker of F-16 fighter jets, Patriot missiles and an array of systems for the U.S. government, reported quarterly profit of $690 million, or $1.60 per share, compared with $591 million, or $1.34 per share, a year earlier.
That beat Wall Street's average forecast of $1.37 per share, according to Reuters Estimates.
Lockheed, maker of F-16 fighter jets, Patriot missiles and an array of systems for the U.S. government, reported quarterly profit of $690 million, or $1.60 per share, compared with $591 million, or $1.34 per share, a year earlier.
That beat Wall Street's average forecast of $1.37 per share, according to Reuters Estimates.
Sales rose 1 percent to $9.3 billion as higher information and electronic system revenues offset lower sales at the company's satellite equipment and aircraft manufacturing units. Analysts were expecting sales of $9.56 billion.
Lockheed's quarterly profit was boosted by one-time gains related to the sale of land and reversing some legal reserves after settling litigation. It also had lower pension costs.
Lockheed's quarterly profit was boosted by one-time gains related to the sale of land and reversing some legal reserves after settling litigation. It also had lower pension costs.
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