Lockheed Martin Bumps Up Fiscal Year Outlook as Backlog Hits Record
By Kelly Cloonan
Lockheed Martin raised its forecast for the year as its backlog continued to grow in the third quarter, notching a fresh record.
The defense contractor said Thursday it now projects full-year earnings per share of $30.35 to $30.75, up from its prior outlook of $29.95 to $30.65 a share. Lockheed now expects sales of $80 billion to $82 billion for the year, compared with $79.75 billion to $81.75 billion previously.
The updated guidance comes as the company recorded higher profit and revenue in the latest quarter, topping Wall Street's expectations.
Chief Executive Jim Taiclet said Lockheed's results are benefiting from efforts to pull through its existing platforms and systems using a variety of innovations as well as new digital technology.
Lockheed's third-quarter profit came in at $1.85 billion, or $7.97 a share, compared with $1.62 billion, or $6.95 a share, a year earlier. Analysts polled by FactSet expected earnings of $7.52 a share.
Revenue climbed 11% to $20.71 billion, topping analyst estimates of $20.48 billion.
The increase was driven by growth in each of the company's business segments: aeronautics, missiles and fire control, space, and rotary and mission systems.
Lockheed said its backlog grew 27% since the second quarter, setting another record at $291.98 billion.
Shares were up 3.3% to $569.81 in premarket trading.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
October 22, 2026 07:08 ET (11:08 GMT)
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