Lockheed Martin (NYSE: LMT) stock price rose 50% since the start of this year amid investor’s confidence in future fundamentals. The revenue growth and new orders have added to the upside momentum.
The stock price has experienced steady growth throughout this year. Lockheed Martin stock price grew from $250 at the beginning of this year to close to an all-time high of $380 at present. Some market pundits predict its shares to attain $400 level in the coming days.
The aerospace and defense company has also been enhancing investors confidence through big cash returns.
It has increased the quarterly dividend in the last seventeen successive years. Investors are expecting double-digit dividend increase from Lockheed in the next month. The company had increased its quarterly dividend by 10% in fiscal 2018.
Lockheed Martin generated second-quarter net sales of $14.4 billion. This compared to $13.4 billion in the same period last year.
Its net earnings of $5.00 per share grew significantly from the past year period earnings of $4.05 per diluted share. The earnings growth was driven by higher revenue, improvement in margins and lower share count.
“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,” said Lockheed Martin Chairman, President and CEO Marillyn Hewson.
Lockheed achieved record backlog of $137 billion in the latest quarter. Consequently, it has raised the outlook for the rest of the year.
The company now expects net sales to stand in the range of $58.25B-$59.75B compared to the previous guidance of $56.75B to $58.25B. Earnings per share for the full year are likely to stand around $20.85 to $21.15. The previous guidance for earnings per share was $20.05-$20.35.
Analysts say financial projections and strategic investments in growth opportunities are supporting Lockheed Martin stock price bullish trend.