U.S. weapons maker Lockheed Martin Corp's first-quarter results surpassed Wall Street targets on Tuesday despite parts and labor shortages, as simmering geopolitical tensions fueled demand from both U.S. and international customers.
Bethesda, Maryland-based Lockheed reported GAAP earnings per share of $6.61, which included non-operational gains of $0.18 per share, and adjusted earnings of $6.43 per share for the first quarter ended March 26. Analysts were expecting profits of $6.06 per share.made by Lockheed from the U.S. for about $1.96 billion as it boosts defense spending over issues with China's presence in the Indo-Pacific region.to Canada in a $14.
Supply-chain issues stemming from the pandemic are still hurting F-35 production volumes though, pulling down sales at the company's aeronautics unit - its largest - by about 2.1% to $6.27 billion in the quarter. Lockheed's order backlog also fell to $145.1 billion as of quarter-end from $150 billion at the end of 2022.
The missiles maker reaffirmed its full-year outlook, projecting net sales in the range of about $65 billion to $66 billion and profits between $26.60 per share and $26.90 per share.
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