Lockheed Martin has reported net sales of $17bn in the second quarter of 2021, a nearly 4.94% increase compared to $16.2bn recorded in the same period a year ago.

In the three-month period that ended on 27 June 2021, the company’s net earnings also increased to $1.8bn, or $6.52 per share. The figure was $1.6bn, or $5.79, in Q2 2020.

Cash from operations in the three-month period stood at $1.3bn.

All four of its business segments also reported an increase in sales in the second quarter of 2021.

Aeronautics, Lockheed Martin’s largest business segment, posted net quarterly sales of $6.6bn. The figure increased 2.5% on a year-on-year basis despite recording a loss of $225m on a classified programme.

According to a Reuters report, earnings per share would have been $0.61 higher in the quarter without the loss.

Missiles and fire control sales increased from $2.8bn in Q2 2020 to $2.9bn in Q2 2021, while the segment of Rotary and Mission Systems reported a 4.9% increase in sales to $4.2bn.

The Space division, the smallest segment in terms of sales, recorded the highest jump with net sales increasing to $3.18bn from $2.88bn last year second quarter.

The company also increased the 2021 financial outlook for earnings per share (EPS).

Lockheed Martin chairman, president and CEO James Taiclet said: “In my first year leading our company, I’m proud of the extraordinary resolve demonstrated by our 114,000 team members to rise above the challenges of the pandemic in support of our customers, our nation and our allies. This is reflected in our solid sales growth across each business area this quarter.

“Our teams continue to deliver on key platform programs while also advancing technologies critical for 21st-century deterrence and scientific discovery. And as a result, we are maintaining our prior guidance for full-year sales, segment operating profit, and cash from operations, while raising guidance for full-year EPS.”