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Lockheed Martin's revenue rises 14.8 percent

Attendees take photographs of the Lockheed Martin Corp. F-35
Simon Dawson | Bloomberg | Getty Images
Attendees take photographs of the Lockheed Martin Corp. F-35

Lockheed Martin, the Pentagon's No. 1 weapons supplier, reported a quarterly profit that handily beat analysts' expectations, as sales of its Sikorsky helicopters pushed total revenue up 14.8 percent.

The company also raised its adjusted profit and sales outlook for the year.

Lockheed shares were up 1.4 percent in premarket trading on Tuesday.

The company said third-quarter sales in its rotary and mission systems business unit jumped 55 percent to $3.35 billion, which included about $1.2 billion from sales of Sikorsky military and commercial helicopters. Lockheed completed the $9 billion acquisition of Sikorsky from United Technologies in June.

According to Thomson Reuters I/B/E/S calculations, the company's income from continuing operations was $3.27 per share, versus the average analyst estimate of $2.87.

Net income more than doubled to $2.40 billion, or $7.93 per share, in the third quarter ended Sept. 25, from $865 million, or $2.77 per share, a year earlier.

Net income included a one-time special cash payment of $1.8 billion from the company's $5 billion tax-free deal to merge its information systems business with Leidos Holdings earlier this year.

The company said it raised its adjusted outlook 2016 profit forecast of $11.1 to 11.45 per share to $12.10, and adjusted sales of $45 billion to $46.2 billion to $46.5 billion.

Net sales rose to $11.55 billion from $10.06 billion a year earlier.