BAESY Bae Systems Plc (PK)

By Ian Walker

LONDON--Defense and aerospace firm BAE Systems PLC (BA.LN) said Wednesday trading for the year to date has been in line with its expectations, and backed its full-year guidance.

For the year ended Dec. 31, BAE--the Pentagon's most important foreign defense contractor--said it expects underlying earnings per share, which strips out exceptional and other one-off items, to be 5% to 10% higher than last year's 40.3 pence, as previously announced.

"With an improving outlook for defense budgets in a number of our markets, in 2017 and beyond we are well placed to continue to generate attractive returns for shareholders," outgoing chief executive Ian King said.

BAE added that the U.K. general election on June 8 and negotiations to determine the terms of the U.K.'s exit from the European Union are expected to provide greater clarity on the economic outlook in the medium term.

On Feb. 22 , the group announced the appointment of Charles Woodburn as chief executive, succeeding Mr. King who has been with the company for 40 years, nine years as its chief executive.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

May 10, 2017 02:37 ET (06:37 GMT)

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