Lockheed Martin Corp. (NYSE: LMT) reported Q1 EPS of $2.87, $0.34 better than the analyst estimate of $2.53. Revenue for the quarter came in at $10.7 billion versus the consensus estimate of $10.9 billion.

"The strong earnings and operating cash delivered in the first quarter are a result of our continued focus on program performance, affordability and meeting commitments to our customers," said Chairman, President and CEO Marillyn Hewson. "Our diverse portfolio of products and services, investment in future innovations and dedicated workforce give me confidence that we'll continue to deliver outstanding results for our customers and return value for our shareholders."

Lockheed Martin sees FY2014 EPS of $10.50 - $10.80, versus prior guidance of $10.25 - $10.55 and the consensus of $10.61.

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