Key facts
- Lockheed Martin raised its full-year sales forecast to $80 billion-$82 billion.
- Annual earnings-per-share forecast raised to $30.35-$30.75.
- Backlog increased 27% to a record $292 billion.
- Free cash flow forecast raised to $7.8 billion-$8 billion.
- Third-quarter sales rose 11% to $20.71 billion.
- Third-quarter profit rose 14% to $1.85 billion.
Lockheed Martin raised its full-year sales and profit forecasts on Thursday, driven by strong demand for its missile defense systems and fighter jets amid ongoing geopolitical conflicts. The company's backlog surged 27% sequentially to a record $292 billion, bolstered by a $52.5 billion award for PAC-3 interceptors. Sales for the third quarter ended September 27 increased 11% to $20.71 billion, with the missiles unit growing 24% and aeronautics revenue up 13%. Profit rose 14% to $1.85 billion, or $7.97 per share. The company warned that ongoing negotiations with the US government over F-35 contracts could affect future operations and cash flow.