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Technology Stocks : Lockheed Martin (LMT)
LMT 372.31-0.1%11:58 AM EDT

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From: Fuzzy7/19/2016 12:51:46 PM
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(Reuters) - Lockheed Martin Corp (LMT.N), the Pentagon's No. 1 weapons supplier, reported better-than-expected quarterly revenue and lifted its 2016 revenue and profit forecasts for the second time, buoyed by increased deliveries of its F-35 fighter jets.

The company's shares — already up 18 percent this year — soared to a record high of $261.37 in early trading on Tuesday.

The results from the world's largest defense contractor is often seen as a bellwether for the U.S. defense sector. Northrop Grumman Corp (NOC.N) and Raytheon Co (RTN.N) are due to report quarterly results next week.

Lockheed is also benefiting from its $9 billion acquisition of Sikorsky Aircraft last year from United Technologies Corp (UTX.N).

Lockheed raised its 2016 profit forecast to $12.15–$12.45 per share from $11.50-$11.80.

The company also said it now expected full-year sales of $50.0 billion-$51.5 billion, up from $49.6 billion-$51.1 billion it previously estimated.
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