Lockheed Martin, L-3 Communications and Raytheon Co beat Wall Street earnings expectations, aided by cost-cutting and higher sales, boosting shares of US defence contractors. Industry leader Lockheed Martin forecast 2011 profit above analysts' estimates, and L-3 boosted its full-year outlook. Raytheon forecast higher profit for the year.
Lockheed, the world's biggest defence contractor, said quarterly profit from continuing operations came to $2.30 a share. Analysts expected $2.11. Sales rose about 5 percent to $12.79 billion. Missile maker Raytheon reported fourth-quarter earnings, adjusted for one-time items, of $1.47 a share, well above analysts' average forecast of $1.16, according to Thomson Reuters I/B/E/S. Sales rose 3 percent to $6.89 billion.
L-3, which makes explosive-detection devices and aviation products, posted an 18 percent jump in quarterly profit. Net sales increased 1 percent to $4.3 billion. Metal parts maker Precision Castparts Corp quarterly profit rose on a 16.5 percent increase in sales. Net profit for the fiscal third quarter was $1.78 per share, up from $1.64 a year earlier.
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