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The
$9 billion acquisition of Sikorsky Aircraft from United
Technologies Corp in November boosted sales in its mission
systems and training (MST) business, which is also its second
largest division.
Revenue from its aeronautics business increased 21 percent, led
by higher F-35 fighter jet sales. The business is Lockheed's
biggest, accounting for 34 percent of its total revenue.
The F-35 Joint Strike Fighter is the Pentagon's largest weapons
program and it is expected to spend $391 billion to buy 2,443 of
the supersonic, stealthy new warplanes.
The Pentagon's No. 1 weapons supplier now expects 2016 profit of
$11.50 to $11.80 per share, up from its previous forecast of
$11.45 to $11.75 per share.
The company's net sales rose to $11.70 billion in the first
quarter ended March 27 from $10.11 billion a year earlier.
However, net income fell to $794 million, or $2.58 per share,
from $878 million, or $2.74 per share, a year earlier.
Net income in the latest quarter included special charges of 21
cents per share related to job cuts.
Analysts had expected first-quarter profit of $2.59 per share on
revenue $11.34 billion, according to Thomson Reuters I/B/E/S.
Up to Monday's close, Lockheed's stock had risen 16 percent in
the past 12 months, compared with a 1.4 percent decline in the
S&P 500 index.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb
Chakrabarty and Anil D'Silva)
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