As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
Trump said he "is revoking" a federal waiver that allowed the state to craft its own rules on greenhouse gas emissions from vehicles.Politicsread more
Wall Street economists think the Fed will cut rates by 25 basis points at its September meeting but have differing views about what will happen in the future.Marketsread more
FedEx CEO Fred Smith mentioned Amazon as one of his competitors during Tuesday's earnings call, a shift in stance for a company that's long downplayed Amazon's move into the...Technologyread more
J.P. Morgan Chase chief Dimon says he doesn't think the U.S. is close to recession and called the Fed's Powell "a quality human."Marketsread more
Check out the companies making headlines in midday trading.Market Insiderread more
Drone and missile debris recovered by investigators at the Saudi Aramco attack site is proof of Iranian culpability, a Saudi defense ministry representative told media on...World Politicsread more
FedEx CEO Fred Smith is "basically implying that we're going to import" a global slowdown, says CNBC's Jim Cramer.Investingread more
The unspecified action comes after the U.S. accused Iran of carrying out the weekend attacks on critical Saudi oil installations.Politicsread more
Four Wall Street firms downgraded FedEx after the company's poor earnings report.Marketsread more
(Updates shares, adds peer stock performance data)
April 23 (Reuters) - Lockheed Martin Corp reported a better-than-expected 47 percent jump in quarterly profit on Tuesday and raised its annual profit forecast, helped by strong demand for its missiles and fighter jets, sending its shares up 6 percent.
The Pentagon's biggest weapons supplier is the first major defense company to report first-quarter earnings this week, which Wall Street generally expects to be higher than a year ago as the industry benefits from increased U.S. defense spending and global demand for jets and munitions.
Its results sent the whole sector higher, with Northrop Grumman Corp, Raytheon Co and General Dynamics Corp shares all up more than 2 percent.
Lockheed's Missiles and Fire Control business, which makes missile defenses like the Terminal High Altitude Area Defense (THAAD), was one of its best-performing units.
On April 1, the unit was awarded a THAAD interceptor missile contract worth $2.4 billion, some of which are slated to be delivered to Saudi Arabia, which could boost earnings for the current quarter.
Overall, the Bethesda, Maryland-based company said its earnings rose to $1.70 billion, or $5.99 per share, in the first quarter ended March 31, from $1.16 billion, or $4.02 per share, a year earlier. That was partly helped by a $75 million dollar boost from additional tax deductions on foreign military sales.
Excluding that one-time gain, Lockheed reported $5.73 per share profit, well ahead of the $4.34 per share that Wall Street had expected, on average, according to IBES data from Refinitiv.
Lockheed's overall net sales for the quarter rose 23 percent to $14.34 billion. The company's sales backlog grew to $133.5 billion, up 3 billion over the quarter.
Lockheed shares were up 5.8 percent at $333.85 in early trading.
JET SALES UP
Operating margins at the aeronautics division, Lockheed's biggest, fell to 10.5 percent in the first quarter from 10.8 percent a year earlier, but sales were up 27 percent to $5.5 billion on demand for the F-35 jet and some classified contracts.
The United States is considering expanding sales of Lockheed-made F-35 fighter jets to five new nations including Romania, Greece and Poland as European allies bulk up their defenses in the face of a strengthening Russia, a Pentagon official told Congress in early April.
The F-35, a key program for Lockheed, suffered a setback earlier this month when a Japanese F-35 stealth fighter crashed in the Pacific Ocean close to northern Japan. The aircraft was less than a year old and was the first F-35 assembled in Japan.
The company highlighted some risks in its earnings report, including U.S. "government actions to prevent the sale or delivery of the corporation's products" to Turkey.
The U.S. Congress recently introduced several bipartisan resolutions targeting Turkey, calling on President Donald Trump's administration to impose sanctions or prohibit the transfer of F-35 fighter aircraft.
At issue is Ankara's unwillingness to reverse a decision to purchase a Russian-made missile defense system, forcing the United States to explore a future for the F-35 program without Turkey, which makes parts of the fuselage, landing gear and cockpit displays. (Reporting by Mike Stone in Washington D.C. and Sanjana Shivdas in Bengaluru; Editing by Shinjini Ganguli and Bill Rigby)