Lockheed Martin earnings q2 2018

Mike Fuentes | Bloomberg | Getty Images

Lockheed Martin Corp.’s F-35 jet in Fort Worth, Texas.

Lockheed Martin raised its 2018 forecast on Tuesday as it reported second-quarter earnings, which beat Wall Street expectations.

Lockheed Martin reported earnings of $4.05 per share, ahead of $3.92 per share forecast by analysts surveyed by Thomson Reuters, and revenue of $13.4 billion, over half a billion dollars more than forecast. The company bumped up its 2018 forecast to a range of $16.75 to $17.05 earnings per share and an expected full year revenue of $51.6 billion to $53.1 billion — a rise of more than $1.2 billion on the low end of the range.

Its stock price rose more than 2.7 percent in early trading Tuesday. The company’s stock has risen nearly 10 percent in the past year, as of Monday’s close at $318.33, but has slid 5 percent over the last three months.

Lockheed Martin also raised its expected annual cash flow for the year to an estimated $3.3 billion, from its previous expectation of $3 billion.