Defense and aerospace giants, including GE Aerospace, Northrop Grumman, RTX, and Lockheed Martin, raised their outlooks for the year after beating third-quarter Wall Street profit estimates. GE raised its full-year adjusted revenue growth outlook and free cash flow forecast. RTX shares surged by about 9% after raising its full-year adjusted earnings and sales guidance.

GE reported an 83% increase in quarterly defense deliveries and a record 40% increase in LEAP engine deliveries. RTX posted a 12% rise in total revenue to $22.48 billion in the third quarter. Northrop Grumman reported earnings well above estimates and raised its guidance for full-year adjusted earnings per share.

Lockheed Martin exceeded analyst expectations for the quarter ended Sept. 30, reporting earnings of $6.95 per share on revenues of $18.61 billion. The company increased its production capacity significantly and raised its full-year sales outlook and earnings forecast. The U.S. Golden Dome project is expected to drive growth, with increased defense spending requested for fiscal years 2024 and 2025.

Read more at CNBC: Defense companies raise 2025 outlooks on higher demand