Mubasher: Lockheed Martin on Tuesday released its financial results for the third quarter of 2018, which showed an increase in net profit and net sales.

Net earnings rose to $1.47 billion during the period between July and September of 2018, compared with $963 million in the same period last year.

Diluted earnings per share (EPS) climbed year-on-year to $5.14 from $3.32 during in Q3-18.

The defence contractor’s net sales totalled $14.3 billion in the third quarter ended September, rising from $12.3 billion recorded in the same quarter a year earlier.

Cash generated from operations during the three-month period amounted to $361 million after pension contributions of $1.5 billion, compared to cash from operations of $1.8 billion in the same quarter last year.

The global aerospace and defence firm raised its forecast for the full-year earnings to around $17.50 per share, higher than its previous expected range of $16.75 to $17.05 per share.

The company also said it expects revenues for 2018 to come in at $53 billion from its earlier forecast of a range of $51.6 billion and $53.1 billion.

In an early projection for the next year, Lockheed Martin expects its net sales to climb at a range of 5% to 6% year-on-year.

“The preliminary outlook for 2019 assumes the US Government continues to support and fund the corporation’s key programs,” Lockheed Martin said.