UPDATE: Lockheed Martin Posts Upbeat Q1 profit, Affirms Full-Year Forecast

Lockheed Martin Corp LMT reported a surge in its first-quarter profit. Lockheed Martin's quarterly net profit gained to $668 million, from $530 million in the year-ago period. However, analysts were expecting a profit of $553.3 million. Its earnings from continuing operations jumped 29% to $2.02 a share from $1.57 a share. Lockheed Martin's net sales rose 6% y/y to $11.3 billion from $10.6 billion. Lockheed affirmed its full-year outlook of $45 billion to $46 billion in revenue and $7.70 to $7.90 per share in profit. Lockheed Martin's group margins remained stable at 10.4%. Lockheed Martin shares closed at $90.98 yesterday.