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July 23, 2019, 7:40 a.m. EDT

Lockheed Martin shares climb premarket after earnings beat

Lockheed Martin Corp. (NYS:LMT) said Tuesday it had net income of $1.420 billion, or $5.00 a share, in the second quarter, up from $1.163 billion, or $4.05 a share, in the year-earlier period. Sales rose to $14.427 billion from $13.398 billion. The numbers beat the FactSet consensus for EPS of $4.77 and sales of $14.196 billion. Sales rose at all of the aerospace giant's four business segments of aeronautics, missiles and fire control, rotary and mission systems and space. The company raised its full-year guidance and now expects EPS to range from $20.85 to $21.15 from a prior outlook of $20.05 to $20.35. It raised its sales guidance to $58.250 billion to $59.750 billion from a prior $56.750 billion to $58.250 billion. The current FactSet consensus is for full-year EPS of $20.60 and sales of $58.049 billion. Shares rose 2.3% premarket and have gained 37% in 2019, while the S&P 500 (S&P:SPX) has gained 19%.

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