U.S. weapons maker Lockheed Martin Corp said on Monday its space business boosted revenues in the latest quarter, but a classified aeronautics development program caused the company to miss analysts' profit estimate.Lockheed's second quarter earnings report comes a year after the global pandemic first hit the defense industry and its supply chain, causing shutdowns, shortages and months of delays. Fresh support for the industry came last week when the Democrat-controlled U.S. Senate's Armed Services Committee rolled out a draft of its 2022 defense budget which boosted spending by $25 billion, potentially benefiting defense companies including Lockheed Martin, and signaling defense spending could rise under President Joe Biden. Lockheed increased its guidance for full-year earnings per share.
Lockheed Martin (LMT) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
In the latest trading session, Lockheed Martin (LMT) closed at $379.93, marking a -0.25% move from the previous day.