LMT Lockheed Martin Corp

By Ezequiel Minaya 

Lockheed Martin Corp. said sales of its F-35 fighter aircraft helped boost its quarterly revenue, but the company, which has grappled with President Donald Trump about the cost of the jet program, gave a lackluster projection for 2017.

For the new year, Lockheed expects earnings per share between $12.25 and $12.55, below the forecasts of analysts surveyed by Thomson Reuters, who estimate profit of $12.87. The defense contractor also foresees revenue of between $49.4 billion and $50.6 billion, compared with analysts who estimate $49.59 billion.

Shares of the company fell 2.4% to $251.21 premarket.

Maryland-based Lockheed has battled with the attention of Mr. Trump, who has taken aim at costs and delays linked to some F-35 combat jets.

During the most recent quarter, revenue in Lockheed Martin's aeronautics business -- its biggest segment -- rose 23% to $5.41 billion on higher F-35 sales. Meanwhile, revenue in its mission systems segment surged 36% thanks to the addition of helicopter maker Sikorsky Corp., which it bought in 2015.

The space systems segment saw a boost of 17% with Lockheed taking a controlling stake in AWE Management Ltd.

In all for the December quarter, Lockheed reported a profit of $988 million, or $3.35 a share, up from $933 million, or $3.01 share, a year earlier. Revenue climbed 19% to $13.75 billion. Analysts surveyed by Thomson Reuters expected earnings of $3.05 on $13.03 billion in revenue.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

(END) Dow Jones Newswires

January 24, 2017 08:53 ET (13:53 GMT)

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