Mike Stone

(Reuters) – U.S. weapons maker Lockheed Martin Corp (NYSE: ) posted a better than expected quarterly profit Tuesday. This was due to a stronger performance from its ships and helicopters units and venture capital gains. The company also reiterated its 2022 sales forecast.

Lockheed posted net operating earnings of $2 billion for the fourth quarter. That’s $7.47 per share. Analyst estimates were $1.98billion, which is $7.12 per share. Refinitiv data shows that Lockheed exceeded analyst estimates. Analyst estimates for $22.44 were higher than Lockheed’s full-year earnings of $22.76, which was $22.76 per share.

Fourth quarter net sales totalled $17.7B, surpassing analyst expectations of $17.67B.

The Bethesda-based company, which is headquartered in Maryland, lowered its full-year 2022 revenue outlook to $66billion last October. This sent its shares plummeting. It cited supply chain challenges as a reason. Lockheed reiterated its 2022 revenue guidance Tuesday.

U.S. President Joe Biden still hasn’t indicated that he will cut the 2023 budget for Lockheed, its largest customer, the Pentagon. Progressive Democrats have called for reductions in military spending, and for the U.S. to withdraw from Afghanistan.

Refinitiv data shows that the company expects 2022 earnings per share of about $26.70. That’s ahead of analyst expectations of $26.36.

Lockheed’s most powerful unit, which produces F-35 fighter aircraft for the United States of America and its allies made 142 stealthy airplanes in 2021. This was three more than initially planned.

In 2021, the company returned $7 billion to shareholders as dividends or share repurchases. The effective tax rate was 16.9%.