UPDATE 1-Lockheed earnings beat Street, full-year forecast raised
WASHINGTON, July 23 (Reuters) - Lockheed Martin Corp , the Pentagon's largest supplier, on Tuesday beat analysts' forecasts with a 10 percent rise in second-quarter earnings and lifted its full-year profit forecast.
Lockheed, which builds F-35 fighter jets, Aegis missiles and new coastal warships, reported net earnings of $859 million, up from $781 million a year earlier. Earnings per share rose to $2.64 from $2.38.
Revenues fell about 4 percent to $11.4 billion.
Analysts polled by Thomson Reuters I/B/E/S had expected earnings of $2.20 per share on revenue of $11.1 billion.
"Overall, we had strong operational performance and program execution across all business areas this quarter, enabling us to increase 2013 financial guidance for operating profit, earnings per share and cash from operations," Chief Executive Marillyn Hewson said in a press release.
Lockheed said it now expects earnings per share of $9.20 to $9.50 in the full year, up 4 percent from its guidance in April. The company left its revenue forecast unchanged at $44.5 to $46 billion.
Revenue was down or flat in four of its five operating units in the second quarter. The exception was missiles and fire control, where sales rose 11 percent.
Operating profit was lower in aeronautics, information systems and space business units, but grew significantly in missiles and fire control and mission systems.
Lockheed said its Missions Systems and Training division lifted its operating profit by $80 million, or 41 percent.