(Bloomberg) -- Lockheed Martin Corp.’s first-quarter operating income beat expectations as it delivered more fighter jets and missile systems.  

The defense company’s consolidated operating profit was little changed at $2 billion from a year earlier, according to its earnings release, exceeding the average analyst estimate of $1.91 billion. Earnings per share of $6.33 also topped the $5.78 consensus. 

“We feel we’re set up pretty well to deliver the guidance not just in sales, but really all the metrics,” Chief Financial Officer Jay Malave said in an interview with Bloomberg Television.

All four business units increased sales in the quarter, boosting overall revenue 14%. US security companies may see single-digit sales growth from the aid that the US House passed on Saturday, Bloomberg Intelligence said. The Senate is slated to vote on the package today. For Lockheed, the aid meant for Israel may boost orders for F-35 fighter jets, BI said.

The munitions backfill from the aid package will support the growth that its forecasts are based on, Chief Operating Officer Frank St. John said in the interview. 

Lockheed reiterated its annual outlook for sales of $68.5 billion to $70 billion, with diluted EPS seen at $25.65 to $26.35.

The company’s stock rose as much as 2.5% in pre-market trading.

While international demand for the F-35 is rising, the Pentagon paused the company’s deliveries of the aircraft configured with the latest software — known as TR-3 — pending the completion of testing. As the government withholds about $7 million per jet, the delay poses a cash headwind of about $700 million to $840 million for Lockeed in 2024, BI said. 

“We remain exceptionally focused on the execution of the F-35 program, working with our customers and suppliers to implement TR-3 capabilities,” Chief Executive Officer Jim Taiclet said in the release.

The F-35 is the world’s costliest weapons program, and it’s getting more expensive, the Government Accountability Office said. High costs, compounded by the US military’s reliance on contractors for the aircraft, may mean fewer flight hours or a fleet reduction.

Earnings in the missiles and fire control unit fell as it booked a so-called reach-forward loss of $100 million linked to a classified program. 

Demand for Lockheed’s legacy missiles is expected to remain robust. Lockheed beat Northrop Grumman Corp. to a $17 billion contract for the development of new anti-ballistic warheads meant to be deployed by the end of 2028. 

--With assistance from Romaine Bostick.

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