Market & financial news desk
Lockheed Martin Corp. (LMT) climbed roughly 10% Thursday to trade near $566, one of the strongest performances in the S&P 500 on a broadly negative day. The gain followed second-quarter results that topped expectations alongside raised full-year guidance.
The Backlog Number
The figure drawing the most attention was backlog, which reached a record near $230 billion. For a defense contractor, backlog functions as contracted future revenue — a measure of work already committed rather than work hoped for, which is why it carries more weight than a single quarter's results.
What Filled It
Recent awards have been substantial. A twelve-year U.S. Special Operations Command logistics agreement carries a ceiling near $10.5 billion, extending a program Lockheed has managed since 2010. A separate $1.6 billion Navy order for F-35 spares locks in sustainment work through 2033 across U.S. services, partner nations, and Foreign Military Sales customers.
The Counterweight
Not everyone moved higher on the news. Wells Fargo and TD Cowen both trimmed price targets, to $575 and $560 respectively, while holding neutral ratings. The broader Street still leans positive, with an average target near $611.