Lockheed Martin revealed an 11 percent increase in second-quarter earnings Tuesday, thanks to extra funding for the F-35, the defense giant said.
The defense contractor brought in $1 billion in net earnings in the second quarter, up $71 million from the second quarter of 2015. The additional revenue boosted Lockheed’s per share price to $3.32, up from $2.94 last year.
“The corporation achieved exceptional operational and financial results in the second quarter,” CEO Marillyn Hewson said. “Our strong performance enabled us to increase our financial guidance for sales, profit, earnings per share and cash from operations, and positions the company to deliver more value to our customers.”
Lockheed initiated a merger with Leidos Holdings in January to combine the information systems and global solutions branch, unlocking $5 billion in enterprise for its shareholders.
Moreover, an additional $400 million in unexpected F-35 joint-strike fighter funding came due to a ramping up of production and the military extending the service life of the F-35 from 54 to 60 years boosted earnings that compensated for two fewer C-5 cargo aircraft deliveries. That number varies quarter-to-quarter based on the production line.
