Aerospace defence company Lockheed Martin reported its Q4 2019 financial results on Tuesday in which the company reported a surge in net sales in Space at $349m or 14%, as compared to the same period in 2018.
In addition, Space’s net sales in 2019 increased $1.1bn or 11%, as compared to 2018.
The company raised its 2020 revenue outlook to a range of $62.75bn to $64.25bn, beating analysts’ estimate of about $62.61bn.
Net earnings rose to $1.5bn in Q4 from $1.25bn a year earlier.
Space’s operating profit in Q4 increased $36m, as compared to the same period in 2018, due to higher risk retirements. In addition, Space’s operating profit in 2019 increased $136m or 13%, compared to 2018.
Operating profit increased approximately $125m for government satellite programs due to higher risk retirements and higher volume; and about $45m for commercial satellite programs.
These increases came despite a decrease of approximately $65m due to lower equity earnings for United Launch Alliance (ULA).