Lockheed Profit Rises 3.9% on F-35; 2011 Outlook Raised

Lockheed Martin Corp., the world’s largest defense company, boosted its full-year profit estimate as second-quarter profit rose 3.9 percent, aided by higher sales and profits from orders for the F-35 Joint Strike Fighter.

Lockheed rose as much as 3 percent in New York trading before closing $80.82, a 1.9 percent gain, after the company raised full-year profit estimates. For 2011, earnings per share will be in the range of $7.35 to $7.55 -- an increase from the earlier projection of $6.95 to $7.25 a share made in April, Lockheed said. Sales will be between $46 billion and $47 billion, it said. Analysts surveyed by Bloomberg forecast profit of $7.26 a share on sales of $46.7 billion.