Lockheed Martin’s (NYSE:LMT) shares fell as much as 4.6% in the first hour of regular trading on Tuesday after the aerospace and defense contractor reported disappointing sales growth. Sales edged up 1% from a year earlier to $17.

Defense contractor Lockheed Martin lifted its annual profit and sales forecasts on Tuesday, but shares slid 5% because the company's F-35 fighter jet program faced payment headwinds stemming from the government contracting process.

LMT's Q3 results were mixed, with net sales missing consensus but adjusted EPS beating it. The company also raised its FY24 EPS outlook.