Lockheed Martin’s first-quarter financial results exceeded expectations, sending its stock price higher in premarket trading. The defense contractor reported adjusted EPS of $6.33, surpassing the consensus estimate of $5.86. Sales also came in strong at $17.2 billion, exceeding the $16 billion expectation. This growth was primarily driven by increased demand for its products and services, including jets, missiles, helicopters, and space exploration projects.
Lockheed Martin’s management maintained its 2024 earnings guidance of $25.65 to $26.35 per share and its sales forecast of $68.5 billion to $70 billion. The company also expects to generate free cash flow of $6.2 billion for the year.
Lockheed Martin’s first-quarter results highlight the continued strength of the defense industry. The company’s backlog of orders, which reached $159 billion at the end of the quarter, provides a solid foundation for future growth. The company is also actively working on upgrading its F-35 jet program with Technology Refresh 3 (TR-3), which is expected to boost deliveries of the stealth fighter.
In summary, Lockheed Martin’s first-quarter results demonstrate the company’s strong position in the defense market. Its earnings beat and maintained guidance suggest that the company is on track to achieve its financial targets for the year. With its robust backlog and ongoing investments in innovation, Lockheed Martin is well-positioned to continue growing and delivering value to its shareholders.
