UPDATE: Lockheed Martin Posts Rise In Q1 Profit, Raises 2014 Forecast

Lockheed Martin LMT reported a gain in its first-quarter profit and lifted its 2014 earnings forecast. Lockheed Martin's quarterly profit surged to $933 million, versus a year-ago profit of $761 million. Its per-share earnings rose to $2.87 versus $2.33. Its sales fell to $10.65 billion. Lockheed Martin now expects 2014 earnings outlook to $10.50 to $10.80 per share. Lockheed Martin shares closed at $161.49 yesterday.