Investors hope the defense company reports higher earnings than expected, but they are also looking for indications of how the Trump administration will affect it.

Lockheed Martin is in a period of transition, focused mostly on getting the most it can out of existing programs including the F-35 while awaiting the next big thing. The company's relatively poor 0.8 book-to-bill, a measure of new business booked compared to existing work billed in the quarter, reflects the lack of momentum from here.

Shares in defense group Lockheed Martin (LMT) soared higher today after it posted a first-quarter sales hike buoyed by missiles demand and