Expectations were low for Lockheed Martin (NYSE: LMT) heading into earnings season, but the company's results turned out better than some had expected.

Shares of Lockheed opened down nearly 4% but rallied to be up 2% as of noon Eastern.

Lockheed, the world's largest pure-play defense contractor, has been flying into turbulence of late. The company lost out to in a competition to build the Air Force's next fighter jet, a multibillion-dollar opportunity for the winner. And last week, right before its earnings announcement, Lockheed said its chief financial officer was stepping down.

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Source Fool.com