Higher net sales in strategic and missile defence programmes and government satellite programmes drove the fourth quarter increase, the company said.
Aerospace defence company Lockheed Martin reported its Q4 2019 financial results on Tuesday in which the company reported a surge in net sales in Space at $349m or 14%, as compared to the same period in 2018.
In addition, Spaces net sales in 2019 increased $1.1bn or 11%, as compared to 2018.
The company raised its 2020 revenue outlook to a range of $62.75bn to $64.25bn, beating analysts estimate of about $62.61bn.
Net earnings rose to $1.5bn in Q4 from $1.25bn a year earlier.
Spaces operating profit in Q4 increased $36m, as compared to the same period in 2018, due to higher risk retirements. In addition, Spaces operating profit in 2019 increased $136m or 13%, compared to 2018.
Operating profit increased approximately $125m for government satellite programs due to higher risk retirements and higher volume; and about $45m for commercial satellite programs.
These increases came despite a decrease of approximately $65m due to lower equity earnings for United Launch Alliance (ULA).