Lockheed Martin Corporation LMT is slated to release second-quarter 2021 results on Jul 26, before the opening bell.Solid sales performance across the segments is expected to have generated significant growth for the company’ in the soon-to-be-reported quarter. Favorable contributions from the company’s latest investment in ventures fund must have bolstered its earnings growth in the second quarter.Let's see how things have shaped up prior to this announcement.Aeronautics a Key CatalystThe Aeronautics segment, which primarily manufactures advanced, combat-proven jets and comprises almost 40% of the company’s top line, is expected to have once again acted as a major growth catalyst. Lockheed Martin has a history of delivering a significant number of military jets every quarter. We expect a similar trend in the yet-to-be-reported quarter as well. This should get reflected in the form of solid top-line growth for the Aeronautics business division.The Zacks Consensus Estimate for this unit’s revenues stands at $6,852 million, indicating a 5.4% improvement from the prior-year reported figure.Lockheed Martin Corporation Price and EPS Surprise Lockheed Martin Corporation price-eps-surprise | Lockheed Martin Corporation QuoteMFC Unit: Another Growth DriverWe expect Lockheed Martin’s Missiles and Fire Control (MFC) segment, which provides critical missile defense support to the United States and foreign allies, to have also delivered a strong operational performance in the soon-to-be-reported quarter.In particular, significant deliveries of guided multiple launch rocket systems (GMLRS), as well as strong demand for PAC-3 along with solid production volume in Tactical Strike Missiles and air & missile defense lines of business is expected to have boosted the MFC unit’s top-line performance in the second quarter.The Zacks Consensus Estimate for MFC segment revenues is currently pegged at $2,933 million, implying a 4.7% increase from the year-ago reported figure.Q2 ExpectationsSolid revenue growth in each of the company’s business segments is likely to have boosted Lockheed’s overall top line in the to-be-reported quarter. The Zacks Consensus Estimate for the company’s second-quarter revenues stands at $16.91 billion, indicating a 4.3% increase from the year-earlier reported figure.Lockheed’s estimated strong sales performance, which in turn has been boosting its operating profit, along with favorable contributions from the company’s latest investment in ventures fund must have bolstered its Q2 earnings growth. The Zacks Consensus Estimate for the defense giant’s second-quarter earnings is pegged at $6.51 per share, suggesting an increase of 6.2% from the prior-year reported number.In March 2021, Aerojet Rocketdyne’s AJRD shareholders approved its merger agreement with Lockheed, a transaction that Lockheed believes will enhance its ability to develop and supply advanced products along with supporting its national security and civil space objectives. We expect Lockheed to provide an update on this acquisition when it releases second-quarter results.What the Zacks Model UnveilsOur proven model predicts an earnings beat for Lockheed this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Lockheed has an Earnings ESP of +0.92% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.Other Stocks to ConsiderHere are a couple of defense companies you may want to consider, as these also have the right combination of elements to post an earnings beat this season:General Dynamics GD has an Earnings ESP of +1.98% and a Zacks Rank #3.Leidos Holdings LDOS has an Earnings ESP of +4.46% and a Zacks Rank #2. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lockheed Martin Corporation (LMT): Free Stock Analysis Report General Dynamics Corporation (GD): Free Stock Analysis Report Leidos Holdings, Inc. (LDOS): Free Stock Analysis Report Aerojet Rocketdyne Holdings, Inc. (AJRD): Free Stock Analysis Report To read this article on Zacks.com click here.