Why Shares of Lockheed Martin Soared on Wednesday

Shares of Lockheed Martin (NYSE: LMT) gained 5% on Wednesday, the stock's second straight day of strong gains following the company's earnings release. Given the pandemic and its aftereffects, not many companies are beating consensus and raising full-year expectations, but Lockheed Martin is proving that a defense company is a good defense against market volatility.

Lockheed Martin on Tuesday reported second-quarter earnings of $5.79 per share on revenue of $16.2 billion, besting analyst expectations for $5.72 in EPS on revenue of $15.23 billion. Earnings were up 16% year over year, and revenue was up 12% from the same three months of 2019.

A Lockheed Martin F-22. Image source: Lockheed Martin.

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Source Fool.com