Lockheed Martin raised its yearly outlook after posting strong third-quarter results, with the defense contractor's backlog reaching a record high.
The company'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. The gains reflect continued demand for the company's defense products and services.
The record backlog gives Lockheed Martin a substantial pipeline of contracted work, supporting its revenue visibility over the coming quarters. The higher profit and stronger backlog led the company to lift its full-year guidance.
The results underscore the resilience of the defense sector, where government spending priorities and long-term programs continue to drive growth for major contractors.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing