Lockheed Martin Reports Surpassing First Quarter 2024 Financial Expectations
Reston, Virginia, April 26, 2024
– Lockheed Martin Corporation (NYSE: LMT) today reported impressive financial results for the first quarter of 2024, surpassing analyst expectations and continuing a trend of robust growth and operational efficiency.The company’s net sales reached an impressive , representing a significant year-over-year increase compared to the first quarter of 2023. This revenue growth was driven by sustained demand for Lockheed Martin’s advanced security solutions across its core business segments.
Lockheed Martin’s net earnings for the quarter amounted to , or per share, reflecting a substantial increase compared to the previous year’s earnings of and .61 per share, respectively.
Operational Performance Highlights
Lockheed Martin’s financial performance was bolstered by strong operational execution across its business segments:
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Aeronautics:
Net sales rose by 9%, primarily attributed to higher volumes on the F-35 and F-16 programs.*
Missiles and Fire Control:
Net sales grew by 25%, driven by production ramp-ups on tactical and strike missile programs.*
Rotary and Mission Systems:
Net sales increased by 16%, fueled by higher volumes in integrated warfare systems and Sikorsky helicopter programs.*
Space:
Net sales rose by 10%, led by higher volume on strategic and missile defense programs, as well as national security space programs.Strong Cash Flow and Capital Deployment
Lockheed Martin generated robust cash flow during the quarter, with cash from operations reaching and free cash flow amounting to . The company’s commitment to capital deployment was evident in its strategic investments of over in R&D and capital projects, as well as its substantial return of capital to shareholders through dividends and share repurchases.
Management Commentary
James Taiclet, Lockheed Martin’s Chairman, President and CEO, expressed confidence in the company’s ability to achieve its financial targets for the full year. He emphasized the company’s unwavering commitment to delivering meaningful free cash flow per share growth over the long term.
Strategic Wins and Progress
During the quarter, Lockheed Martin secured several major National Security Space awards, showcasing the breadth of its portfolio and the strength of its technical expertise. The company also made significant progress towards the delivery of the first F-35 TR-3 configured aircraft.
Commitment to Innovation and Technological Leadership
Lockheed Martin’s financial performance and operational achievements in the first quarter of 2024 underscore the company’s leading position in the defense and aerospace industry. The company’s dedication to innovation and open architecture solutions enables it to provide cutting-edge solutions that meet the evolving needs of its customers around the globe.
Lockheed Martin’s robust financial results and strategic initiatives position it well for continued success in the years to come, as the company remains committed to delivering solutions that ensure the security and prosperity of its customers and stakeholders.
