(Reuters) - Lockheed Martin Corp (N:LMT) reported a 15.7 percent rise in quarterly sales and raised its forecast for the year, helped by the acquisition of helicopter maker Sikorsky Aircraft and higher sales of its F-35 fighter jets.
The $9 billion acquisition of Sikorsky Aircraft from United Technologies Corp (N:UTX) in November boosted sales in its mission systems and training (MST) business, which is also its second largest division.
Revenue from its aeronautics business increased 21 percent, led by higher F-35 fighter jet sales. The business is Lockheed's biggest, accounting for 34 percent of its total revenue.
The F-35 Joint Strike Fighter is the Pentagon's largest weapons program and it is expected to spend $391 billion to buy 2,443 of the supersonic, stealthy new warplanes.
The Pentagon's No. 1 weapons supplier now expects 2016 profit of $11.50 to $11.80 per share, up from its previous forecast of $11.45 to $11.75 per share.
The company's net sales rose to $11.70 billion in the first quarter ended March 27 from $10.11 billion a year earlier.
However, net income fell to $794 million, or $2.58 per share, from $878 million, or $2.74 per share, a year earlier.
Net income in the latest quarter included special charges of 21 cents per share related to job cuts.
Analysts had expected first-quarter profit of $2.59 per share on revenue $11.34 billion, according to Thomson Reuters I/B/E/S.
Up to Monday's close, Lockheed's stock had risen 16 percent in the past 12 months, compared with a 1.4 percent decline in the S&P 500 index (SPX).