UPDATE: Lockheed Martin Posts Upbeat Q3 Profit, Revenue Misses Estimates

Lockheed Martin LMT reported better-than-expected profit for the third quarter and lifted its 2014 earnings guidance. The Bethesda, Maryland-based company posted a quarterly profit of $888 million, versus a year-ago profit of $873 million. Its EPS surged to $2.76 from $2.66. Its sales slipped 2% to $11.1 billion in the period. However, analysts were expecting a profit of of $2.71 per share on revenue of $11.28 billion. Aeronautics' net sales for the quarter fell 2%, while Information Systems & Global Solutions net sales dropped 5%. Missiles and Fire Control net sales declined 5%, while Mission Systems and Training net sales tumbled 1%. Space Systems' net sales for the quarter rose 4%. Lockheed Martin raised its quarterly dividend from $1.33 to $1.50 per share. The company repurchased 2.6 million shares for $446 million during the quarter. Lockheed Martin narrowed its 2014 sales forecast to $45 billion, versus its earlier forecast of $44.0 billion to $45.50 billion. The company also projects a low single-digit sales decline in 2015. The company now expects 2014 earnings of $11.15 per share, versus earlier forecast of $10.85 to $11.15 per share. Lockheed Martin shares dropped 2.12% to $172.50 in pre-market trading.