Lockheed Martin Corp.
(NYSE:LMT) reported stronger-than-expected second-quarter results on Thursday, driven by higher sales and earnings, and ended the quarter with a record backlog of $230 billion.
The backlog, the largest in the company's history, increased by about $64 billion from a year earlier.
During the quarter, Lockheed secured several major defense awards, including a $35 billion Terminal High Altitude Area Defense (THAAD) interceptor contract and a $3 billion Guided Multiple Launch Rocket System (GMLRS) contract.
Earnings Beat Expectations The defense contractor reported GAAP diluted earnings of $7.94 per share, beating the analyst consensus estimate of $7.09, according to Benzinga Pro.
