Lockheed Martin on Tuesday bumped up its 2018 forecast and reported strong first-quarter earnings on the back of steady business with the Pentagon.
The defense contractor beat Wall Street's earnings per share expectation by 62 cents, with three of the company's four divisions bringing in more revenue than the same quarter last year. Lockheed Martin raised its 2018 forecast to a range of $15.80 to $16.10 earnings per share, as well as its revenue to a range of $50.35 billion to $51.85 billion — an increase of $350 million from the company's previous estimate.
Lockheed did not change its expected annual cash flow for the year, holding at $3 billion.
Shares of Lockheed Martin slipped 6 percent following the report, amid a broad sell-off in the S&P 500 Aerospace & Defense index. The index of 13 manufacturers declined nearly 3 percent in trading Tuesday.