Mubasher: Lockheed Martin on Monday said that its net earnings climbed by 22% year-on-year in the second quarter of 2019, while its net sales rose by 7.7%.

The world’s biggest defence contractor said that its net earnings came in at $1.42 billion in Q2-19, compared with $1.16 billion in Q2-18, while diluted earnings per share (EPS) rose to $5 from $4.05 during the reported period.

Operating profit totalled $2 billion in the period between April and June, compared with $1.8 billion in the same period last year, with growth recorded in all of the company’s four businesses, namely aeronautics, missiles and fire control, rotary and mission systems, and space.

Net sales totalled $14.42 billion in the three-month period ended last June, up from $13.39 billion in the corresponding period of the prior year.

Lockheed generated $1.7 billion in cash from operations during the three-month period.

“The corporation achieved another quarter of strong operational and financial results across all four of our businesses, which allowed us to grow our backlog to a new record level and to increase our financial outlook for 2019,” Lockheed Martin’s CEO Marillyn Hewson said.

The company upwardly revised its full-year outlook for both its top and bottom lines. Diluted earnings per share (EPS) are now expected to range from $20.85 to $21.15.

In addition, full-year revenue was raised to a range between $58.25 billion and $59.75 billion, versus the previous range from $56.75 billion to $58.25 billion.