UPDATE: Lockheed Martin Posts Upbeat Q2 Profit, Lifts 2013 Outlook

Lockheed Martin LMT reported a rise in its second-quarter profit. Lockheed Martin's quarterly profit surged to $859 million, or $2.65 per share, versus $781 million, or $2.38 per share, in the year-earlier quarter. Its net sales declined 4% to $11.4 billion from $11.9 billion. However, analysts were estimating earnings of $2.33 per share on sales of $11.07 billion. Lockheed Martin lifted its 2013 earnings forecast to $9.20 to $9.50 per share, versus its earlier forecast of $8.80 to $9.10 per share. Lockheed Martin shares gained 1.60% to $117.50 in pre-market trading.