Lockheed Martin posted $11.7 billion in sales in the first quarter of 2016 on Tuesday, a success that lead the defense giant to revise its estimates for the rest of the year.
The first quarter sales are $1.6 billion more than the $10.1 billion in sales during the first quarter of 2015, according to documents provided by the company.
Bruce Tanner, the executive vice president and chief financial officer for Lockheed, said the increase is driven by the company’s purchase of helicopter-maker Sikorsky, as well as a higher production volume of F-35 joint strike fighters. Sikorsky makes the H-60 Hawk family of helicopters.
Lockheed CEO Marillyn Hewson also touted progress made in the F-35 program during the first quarter of 2016, including the jet’s first transatlantic flight from Italy to the U.S.
Lockheed’s first quarter segment operating profit was $1.2 billion, which included the impact of about $100 million in severance charges due to layoffs, Tanner said.
Because of the successful first quarter, the company has revised its targets for the rest of 2016. While it estimated previous sales would be to $49.5 billion and $51 billion, it has boosted that to $49.6 billion to $51.1 billion.
That increase is set to come from information systems and global solutions, according to charts.
