Shares of Lockheed rose 2.5% in premarket trading, after the
company said it delivered 134 F-35 fighter jets to the United
States and its allies in 2019, a 47% increase from a year
Defense contractors General Dynamics <GD.N>, Lockheed and
Northrop Grumman Corp <NOC.N> are expected to outperform this
year, in line with the sector's general pattern during
presidential election years.
U.S.-Iran tensions over the past few months have also helped
build momentum for defense purchases, benefiting Lockheed and
other weapons makers, analysts have said.
The company raised its 2020 revenue outlook to a range of $62.75
billion to $64.25 billion, beating analysts' estimate of about
Lockheed said it expects full-year earnings per share to be in
the range of $23.65 per share to $23.95 per share, below
analysts' expectation of $24.30 per share, according to IBES
data from Refinitiv.
Net earnings rose to $1.5 billion, or $5.29 per share, in the
fourth quarter ended Dec. 31, from $1.25 billion, or $4.39 per
share, a year earlier.
Analysts, on average, had expected the company to post a profit
of $5.03 per share.
Net sales rose 10.2% to $15.88 billion, below analysts'
expectation of $15.29 billion.
(Reporting by Ashwini Raj in Bengaluru; Editing by Krishna
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