Investing.com -- Lockheed Martin Corporation (NYSE: LMT) reported first-quarter results that fell short of analyst expectations, with shares dropping 6.3% premarket following the announcement.

The defense contractor posted adjusted earnings of $6.44 per share on revenue of $18.0 billion, missing the analyst consensus of $6.74 per share and $18.26 billion, respectively. Revenue was flat compared to $18.0 billion in the first quarter of 2025. The company reported net earnings of $1.5 billion, down from $1.7 billion in the prior-year period.

Despite the miss, Lockheed Martin reaffirmed its full-year 2026 guidance, projecting sales of $77.5 billion to $80.0 billion and diluted earnings per share of $29.35 to $30.25. The midpoint of the revenue guidance of $78.75 billion compares to the full-year analyst consensus, while the company expects free cash flow between $6.5 billion and $6.8 billion.

"Lockheed Martin's superior capabilities in delivering advanced defense technology and systems and in space exploration have been proven again and again in 2026," said Chairman, President and CEO Jim Taiclet. "Our Orion spacecraft safely carried the crew farther from Earth than ever before during NASA's historic Artemis II mission, concluding with a precisely executed re-entry and splashdown."

Business segment operating profit decreased $262 million, or 13%, to $1.8 billion, primarily due to lower net profit booking rate adjustments at Aeronautics and the absence of favorable performance in the prior-year period. The Aeronautics segment recorded $125 million of unfavorable profit adjustments on the F-16 program due to production performance and development delays.