Aerospace and defense sector-related exchange traded funds were among the top performers Tuesday after Lockheed Martin (NYSE: LMT) first quarter earnings beat expectations and United Technologies (NYSE: UTX) raised projections for the rest of the year.

Among the leading ETFs of Wednesday, the iShares U.S. Aerospace & Defense ETF (Cboe: ITA) gained 2.0%, Invesco Aerospace & Defense Portfolio (NYSEArca: PPA) rose 2.1% and the SPDR S&P Aerospace & Defense ETF (NYSEArca: XAR) increased 2.4%.

Lockheed Martin shares jumped 5.7% on Wednesday. LMT makes up 7.1% of PPA’s underlying portfolio, 6.0% of ITA and 3.9% of XAR.

The world’s largest defense contractor showed first-quarter earnings that were far above Wall Street expectations and updated its forecast for the rest of 2019, with with earnings anticipated between $20.05 a share and $20.35 a share, compared to its previous range of $19.15 a share to $19.45 share, CNBC reports. Anticipated full year revenue was also raised, to a range between $56.8 billion and $58.3 billion, compared to its prvious $55.8 billion to $57.3 billion range.

Lockheed Martin reported that revenue rose 23% in the March quarter as the company executed contracts for F-35 combat jets, munitions and missile-defense systems for the U.S. and international customers, according to the Wall Street Journal. The company has relied heavily on its F-35, missile-defense systems and surging production of munitions to drive growth.

Meanwhile, United Technologies shares advanced 2.3% on Wednesday. UTX makes up 17.7% of ITA’s portfolio, 7.3% of PPA and 4.2% of XAR.

Unted Technologies said profits rose 3.7% in the first quarter and raised its earnings projections for 2019, pointing to better-than-expected results from its recent acquisition of airline-parts maker Rockwell Collins Inc, the Wall Street Journal reports.

“We had a really good start to the year,” Chief Executive Greg Hayes said on a conference call Tuesday, highlighting the fact that the Otis division performed above internal projections and a lower tax helped the results overall.

The conglomerate spun off the Otis elevator and Carrier building-systems businesses into separate companies.

In the first quarter, the company revealed a net income of $1.35 billion, or $1.56 a share, up from $1.3 billion, or $1.62 a year earlier. Adjusted earnings of $1.91 a share were above the $1.71 a share expectations.

For more information on the aerospace industry, visit our aerospace & defense category.

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