Lockheed Martin today reported sales in its most recent quarter reached $13.4 billion, up from $12.6 billion in the same three-month period a year earlier.
The contractor's quarterly profit hit nearly $1.2 billion, up from $955 million the prior year.
All four of Lockheed's divisions, except for its space business, reported increased quarterly sales; all four business units recorded improved profit.
Lockheed's missiles and fire control unit saw the greatest sales boost during the period. Its quarterly sales jumped 17 percent, buoyed by increased sales on classified programs as well as on air and missile defense efforts, including the Terminal High Altitude Area Defense and Patriot Advanced Capability-3 programs.
The contractor's aeronautics business reported an 8 percent sales increase in the quarter.
"The increase was primarily attributable to higher net sales of approximately $370 million for the F-35 program due to increased production volume," Lockheed said.
The company said it incurred $96 million in severance and restructuring charges associated with workforce cuts and consolidation of certain operations at its rotary and mission systems segment.
Bruce Tanner, Lockheed's chief financial officer, said the company is seeing higher win rates than it anticipated and has seen omnibus funding more quickly than expected translate into sales.
"We're potentially seeing hundreds of millions of dollars of revenue associated with omnibus funding that was never, ever envisioned as we started 2018," he told analysts during a call this morning.
Tanner added that the funding would "absolutely" generate additional sales in future years as well.