beat Wall Street expectations for first-quarter sales and profit on Tuesday, as simmering geopolitical tensions prompted some countries to boost their defence spending, driving demand for new weapons.
Sales in Lockheed’s missiles and fire control unit jumped 25.3% to nearly $3 billion, boosted by strong demand for high mobility artillery rocket system and guided multiple launch rocket system , key weapons used by Ukraine in its conflict with Russia. “These first-quarter results reinforce our confidence in our ability to achieve the full-year financial expectations we set in January,” CEO Jim Taiclet said in a statement.
It started the year with a quarterly profit of $6.39 per share, which was well above analysts’ expectations of $5.83 per share, according to LSEG data.