WASHINGTON, Oct 18 (Reuters) – U.S. weapons maker Lockheed Martin Corp reported better-than-expected quarterly revenue on Tuesday, helped by higher sales in its aeronautics unit, which makes the F-35 fighter jet, as the company sees demand for arms increasing after Russia’s invasion of Ukraine.

Shares were up as much as 7.5% to $427.27 during trading in New York after Chief Financial Officer Jay Malave told analysts on a post-earnings conference call that percentage wise the company would grow “low single digit for 2024 as a baseline.”

Compared to the same quarter a year ago sales at aeronautics, which makes the F-35, rose 7.6% to $7.1 billion. Profit margins in the unit fell slightly from 10.9% to 10.7% compared with the same quarter last year.

The F-35 has had several recent successes in jet fighter competitions, including Finland, Switzerland and Germany. Potential customers include Greece and the Czech Republic.

Reuters
Photo Rob Vogelaar