Lockheed raises 2019 profit forecast on strong demand for missiles, fighter jets
US defence company reports 47% profit increase in first quarter as earnings rise to $1.70bn
Washington DC/Bengaluru — Lockheed Martin reported a better-than-expected 47% jump in quarterly profit on Tuesday and raised its annual profit forecast, helped by strong demand for its missiles and fighter jets, sending its shares up 6%. The Pentagon’s biggest weapons supplier is the first major defence company to report first quarter earnings this week, which Wall Street generally expects to be higher than a year ago as the industry benefits from increased US defence spending and global demand for jets and munitions. Its results sent the whole sector higher, with Northrop Grumman, Raytheon and General Dynamics shares all up more than 2%. Lockheed’s Missiles and Fire Control business, which makes missile defences like the Terminal High Altitude Area Defense (THAAD), was one of its best-performing units. On April 1, the unit was awarded a THAAD interceptor missile contract worth $2.4bn, some of which are slated to be delivered to Saudi Arabia, which could boost earnings for the quart...
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