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Lockheed Martin rallies after Q2 results and record $230 billion backlog
Lockheed Martin reported Q2 EPS of $7.94, topping estimates by 72 cents, as revenue rose 10.5% year over year to $20.06 billion.
Lockheed Martin shares climbed after the defense contractor posted strong second-quarter results and highlighted a record backlog of $230 billion, according to MarketBeat Ratings. The outlet cited the earnings report released July 23 as the catalyst for the stock’s recent move.
MarketBeat Ratings said Lockheed Martin delivered earnings per share of $7.94, beating the consensus estimate by 72 cents. It also reported quarterly revenue of $20.06 billion, up 10.5% from the prior year, versus analyst expectations of $19.34 billion.
The backlog increase was central to the reaction, with the outlet noting that $230 billion reflects an increase of almost 38% year over year. MarketBeat Ratings attributed demand to ongoing conflicts in the Middle East and broader global tensions.
Despite the jump, MarketBeat Ratings said analysts still rate the stock a Hold, while pointing to modest upside. The outlet also described the shares as up about 15% over the past month and close to 24% year to date.