Lockheed Martin Corporation (NYSE: LMT) reported strong financial results for the first quarter of 2023, surpassing analysts’ expectations and raising its full-year guidance. The company’s earnings per share (EPS) came in at $6.39, $0.59 higher than the consensus estimate of $5.80. Revenue for the quarter reached $17.2 billion, exceeding the market consensus of $16.02 billion.
Lockheed Martin’s positive financial performance was driven by growth across its business segments, including its Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space businesses. The company attributed the strong results to increased demand for its products and services, particularly in the areas of defense and aerospace.
In terms of guidance, Lockheed Martin revised its full-year 2023 EPS outlook to a range of $25.65 to $26.00, up from the previous consensus estimate of $26.03. This upward revision reflects the company’s confidence in its ability to continue delivering strong financial results in the coming quarters.
Despite the positive earnings report, Lockheed Martin’s stock price closed at $461.33, indicating a moderate decline in the market’s reaction. However, the stock has performed well in the last three months, gaining 7.03%, and remains within a narrower range over the past year, showing a decline of 4.07%.
Analysts have mixed reactions to Lockheed Martin’s earnings report, with two positive EPS revisions and four negative EPS revisions in the last 90 days. Investors are advised to closely monitor the company’s progress in the coming quarters to assess whether the strong earnings momentum can be sustained and drive further stock price growth.
